Bank of Korea(BOK) Governor Rhee Chang-yong on Tuesday forecast this year's economic growth at two-point-two to two-point-three percent, lower than the central bank's previous forecast of two-point-four percent.

During a parliamentary audit session at the National Assembly, the BOK chief said the downgrade is due to a slower-than-expected growth in the third quarter.

However, Rhee said the figure is still above the potential growth rate and shouldn't be seen as a significant decline.

The BOK governor cited a reduction in export volumes as the main cause of the downward revision.

He added that a strike in the automobile sector and competition with China in chemical products and semiconductors seem to be limiting the export volume, but he noted that further analysis is needed.