The Bank of Korea has marked down this year’s economic growth outlook for the nation from two-point-three percent to two-point-one percent. 

In its economic growth outlook report released on Thursday, the central bank forecast that growth in the nation’s economy will see temporary contraction due to the COVID-19 outbreak. 

The bank predicted that the impact from the virus would be temporary. It projected that growth will gradually improve with a recovery in private consumption, exports and facility investments, as well as an implementation of expansionary policies.

BOK Governor Lee Ju-yeol said Thursday's rate freeze and lowered growth outlook were based on the scenario that the outbreak will likely stabilize after peaking in March.