The Korea Development Institute(KDI) has marked down its economic growth outlook for this year to two-point-seven percent, or point-two percentage point from an earlier forecast issued in May. 

The state-run economic think tank also reduced its growth projection for next year by point-one percentage point to two-point-six percent in a report on Tuesday. 

It is the latest in a line of growth downgrades for this year by domestic and international financial organizations, including the Bank of Korea, the International Monetary Fund and the Organization for Economic Cooperation and Development.

The KDI cited a slowdown in export growth amid a slump in domestic demand for the downward adjustment.