The Asian Development Bank(ADB) has lowered its economic growth outlook for South Korea by zero-point-one percentage point.  

The ADB announced the revision in an economic report released Wednesday, predicting that the South Korean economy will expand two-point-nine percent this year, down zero-point-one percentage point from its projection in July. 

It also lowered its forecast for South Korea's economic growth in 2019 from two-point-nine percent to two-point-eight percent. 

The ADB attributed the downward revisions to U.S. and Chinese tariffs' negative impacts on South Korea's exports. The two countries are South Korea's biggest trade partners. 

The bank analyzed that the South Korean government will continue to adopt an expansionary fiscal policy to boost consumption and economic growth but is unlikely achieve the intended goals.