Bank of Korea(BOK) Governor Lee Ju-yeol says that the growth rate of the South Korea's economy may not reach three percent this year.

The BOK chief presented the view on Wednesday during a meeting with reporters.

Lee said that growth in the first quarter appears to be lower than expected due to continued slumps in exports and domestic demand in January and February.

The central bank plans to announce its revised growth outlook for this year when deciding the key interest rate on April 19th.

Last October, the BOK projected that the country will grow three-point-two percent this year, but lowered the forecast to three percent in January.