The central bank has slashed its growth outlook for this year to one-point-five percent. 

The Bank of Korea(BOK) announced the revised projection Tuesday, lowering its estimate by zero-point-four percentage point from its November forecast.

It marks the first time since November 2022 that the BOK has adjusted its growth outlook by zero-point-four percentage point or more. 

The central bank has steadily lowered its growth forecast for 2025, from two-point-three percent in November 2023 to two-point-one percent in May last year and one-point-nine percent in November last year. 

The revised outlook is lower than the two-point-one percent projected by the Organization for Economic Cooperation and Development, the two percent from the International Monetary Fund and the one-point-six percent from the Korea Development Institute.

The central bank, however, kept its outlook for next year at one-point-eight percent.