A U.K.-based economic analytics institute downgraded its 2020 growth forecast for South Korea amid the COVID-19 epidemic in the country.

In a report released on Wednesday, Oxford Economics lowered the outlook from one-point-eight percent to one-point-four percent, citing the economic fallout from the outbreak despite the South Korean government's expansionary measures.

The report also cited weakened global demand and slowed economic recovery in China, which would have a significant impact on South Korean exports.

The institute lowered forecasts for private spending and investment in South Korea by point-six percentage point each to one-point-four percent and one-point-one percent, respectively.