The head of South Korea's central bank forecast the country’s economic recovery to weaken amid a new wave of COVID-19 in the country.

At a parliamentary committee meeting on Monday, Bank of Korea(BOK) Governor Lee Ju-yeol assessed that uncertainties have recently heightened after the economy showed improving signs on eased slumps in exports and consumption.

The BOK is expected to revise down its 2020 growth forecast this week by a large margin from the current negative point-two percent, as hinted by Lee during Monday's meeting.

Lee said the enhanced distancing and increasing downward risks are predicted to negatively impact the economy, in explaining the need for an outlook revision.

The governor said the central bank will manage its monetary policy in an accommodative manner to prop up the local economy, while keeping close tabs on the pandemic and its impact on the economy and financial markets.