The Bank of Korea(BOK) has lowered this year’s economic outlook from two-point-two percent to two percent. 

BOK Governor Lee Ju-yeol revealed the projection in a news conference on Friday after chairing a monetary policy meeting in Seoul.

Lee said the bank decided to slash the initial projection issued in July after taking into account sluggish exports and investment as well as slowing growth in consumption.

Also on Friday, the central bank marked down its economic growth outlook for next year from two-and-a-half percent to two-point-three percent. 

Lee expects the economy to grow slightly more in 2020 than this year due to increased global trade activity and a recovery in semiconductor industries.