The Asian Development Bank(ADB) has cut South Korea’s growth projection for this year to two percent. 

It marks a tenth of a percentage point downgrade from the institutions’ previous outlook made in September. 

The institution had lowered the 2019 projection for the country twice, including by point-one percentage point in July and point-three percentage point in September. 

Next year’s growth outlook for Asia's fourth-largest economy was also revised downward by point-one percent to two-point-three percent. 

The ADB cited a drop in facility investment and sluggish exports for the latest downgrade along with global trade tensions and Japan’s export curbs on South Korea.