The South Korean government's assessment of the domestic economy is gradually turning pessimistic following a record-long monsoon season, flood damage and a reinvigorated COVID-19 pandemic.

A ranking government official said Sunday that the V-shaped economic rebound the government had worked toward is now unlikely to happen in the third quarter under the current circumstances.

The official said that considering the heavy rain and COVID-19 resurgence, economic assessments and forecasts are all moving in a pessimistic direction.

But the official added the current conditions are not expected to pose a major impact on the economy just yet, as seen between February and April when production and spending sharply plummeted.

The Organization for Economic Cooperation and Development(OECD) recently raised South Korea's growth forecast for this year to minus zero-point-eight percent, up point-four percentage points.

But it could drop to minus two percent if the Korean economy faces a secondary impact from the virus resurgence.