The Bank of Korea(BOK) revised down its outlook for the economy this year from its February forecast of one-point-six to one-point-four percent.

The announcement on Thursday comes as the nation's exports, a key growth engine, remains stagnant due largely to sagging demand in the global chip market.

In a resolution last month, the BOK's monetary policy board had hinted at the downward revision amid a global economic downturn and the impact of interest rate hikes.

The one-point-four-percent outlook is lower than one-point-five percent put forth by the Asia Development Bank, the International Monetary Fund, Moody's and the Korea Development Institute.

The central bank maintained its inflation forecast for the year at three-point-five percent, still above the targeted two percent.