The Asian Development Bank(ADB) has again slashed its 2025 growth outlook for South Korea, cutting it nearly in half in just three months.

The finance ministry said the ADB predicted in its latest Asian Development Outlook report, released Wednesday, that South Korea’s economy will grow zero-point-eight percent this year. 

That’s a zero-point-seven percentage point decrease from the bank’s April forecast of one-point-five percent. 

The bank said South Korea’s economic growth is likely to slow due to declining construction investment and exports, but that domestic demand can be expected to rebound in the second half, supported by the resolution of political uncertainty since the presidential election and expansionary fiscal policies. 

The ADB projected growth of one-point-six percent for next year, lowering its outlook by zero-point-three percentage point from its April forecast.