The Bank of Korea(BOK) revised down this year's real growth forecast by a tenth of a percentage point to one-point-six percent on Thursday.

The central bank, which had projected growth of one-point-seven-percent and inflation at three-point-six-percent for 2023 last November, announced the downward revision in the wake of prolonged stagnation and price instability.

In January, the BOK's monetary policy board estimated that the domestic growth momentum will weaken amid the global economic downturn and rising interest rates.

The central bank's updated growth forecast is now the same as the government's to become the third-lowest projection in the 21st century, remaining below the nation's estimated potential growth rate in the two-percent range.

Meanwhile, the BOK revised down its forecast for inflation this year from three-point-six to three-point-five percent.