The government has marked down its economic growth outlook for this year from three-point-one percent to two-point-eight percent.

Unveiling its economic policy direction for the latter half of the year, the Finance Ministry also forecast that exports will contract four-point-seven percent and the number of people with jobs will grow by 300-thousand, or the smallest growth since 2009.
 
The ministry said that the year's first half saw effects from temporary holidays and cuts in the individual consumption tax. However, the ministry was quick to add that in the second half, downside risks are likely to emerge as consumption tax cuts expire and the corporate restructuring campaign is under way.
 
The ministry also said exports are expected to fall short of initial expectations due to Britain’s decision to part ways with the European Union.