The Asian Development Bank(ADB) has sharply marked down its economic growth outlook for South Korea this year from three-point-three percent to two-point-six percent.
 
In its Asian Development Outlook 2016 report revealed Wednesday, the ADB also forecast that South Korea’s economy will post growth of two-point-eight percent next year.
 
The projection marks the most pessimistic figure issued for South Korea so far by an international organization.
 
The International Monetary Fund(IMF) has forecast a three-point-two percent economic growth outlook for South Korea this year and the Organization for Economic Cooperation Development(OECD) predicted an outlook of three-point-one percent.
 
The ADB also lowered its outlook for developing Asia from six percent to five-point-seven percent for 2016 and 2017.
 
The bank marked down its projection for China’s economic growth from six-point-seven percent to six-and-a-half percent. The figure is lower than the six-and-a-half to seven percent growth target this year set by the Chinese government.