The Bank of Korea(BOK) has lowered its economic growth outlook for South Korea this year from three percent to two-point-eight percent.

Following the bank’s monthly monetary policy meeting on Tuesday morning, BOK Governor Lee Ju-yeol announced the economic outlook adjustment in a news briefing. 

The central bank had previously slashed its economic outlook from three-point-two percent to three percent in January.
 
Analysts say that the BOK's revision to the growth outlook is due to a weaker-than-expected recovery in production, consumption and investment in addition to sluggish exports and persistent external woes, such as China's economic slowdown. 

In addition to the economic outlook, the BOK also predicted that consumer prices will grow at a rate of one-point-two percent this year, down from its projection of one-point-four percent three months earlier.