Bank of Korea(BOK) Gov. Rhee Chang-yong said there is a significant possibility that this year’s growth rate will only be two-point-one percent, due to a protracted slump in private spending and the aftereffects of the December 3 martial law declaration.

At a meeting to assess progress toward the inflationary stability target on Wednesday, Rhee said growth in the fourth quarter is expected to be at least zero-point-one percentage point lower than the previously forecast zero-point-five percent.

The BOK chief cited a decline in credit card purchases, a barometer of consumption, as well as a sudden drop in the economic sentiment index.

Rhee said next year’s growth outlook, which the central bank previously placed at one-point-nine percent, could drop amid downward pressure after the opposition unilaterally passed a slashed version of the budget.

The BOK chief called on the rival political parties to agree on a supplementary budget as soon as possible and urged the government to put forth a fiscal policy aimed at propping up support for the local economy.