The Asia Development Bank(ADB) has retained its economic growth forecast for South Korea for this year at two-point-six percent, although it cut its projections for other emerging countries and advanced nations in Asia.

The ADB said on Monday in its revised economic forecasts for Asia that South Korea would grow two-point-six percent this year and two-point-eight percent next year, unchanged from its March forecasts.

The bank based its forecast on the projection that growth in construction and consumption will offset decreased demand abroad.

ADB’s growth forecast is slightly lower than the Bank of Korea’s forecast of two-point-seven percent.

ADB slashed its average growth forecast for 45 emerging economies in Asia to five-point-six percent from five-point-seven percent for this year. It kept its forecast for next year at five-point-seven percent.