The Bank of Korea lowered its 2018 growth forecast for South Korea to two-point-seven percent from two-point-nine percent. 

It is the second downward forecast after the central bank reduced its outlook from three percent in April. 

BOK Governor Lee Ju-yeol made the announcement in a news briefing on Thursday after freezing the key rate for the eleventh consecutive month. 

If this year's economic growth falls to two-point-seven percent as the central bank has forecast, it would be the slowest growth since 2012 when gross domestic product expanded two-point-three percent. 

The bank also downgraded its growth forecast for next year by point-one-percentage point to two-point-seven percent.