The Bank of Korea(BOK) has slashed the country’s economic outlook for this year to zero-point-eight percent. 

The central bank announced on Thursday that it lowered its outlook for this year by zero-point-seven percentage points from its February estimate of one-point-five percent. 
 
The revised outlook appears to reflect sluggish domestic demand and slowing exports as a result of U.S. tariffs.
 
The BOK has steadily downgraded its growth forecast for this year, 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 one-point-five percent projected by the Organization for Economic Cooperation and Development and the Asian Development Bank and the one percent from the International Monetary Fund.

The central bank also lowered its outlook for next year, from one-point-eight percent to one-point-six percent.