The government has lowered this year’s economic growth outlook to two-point-eight percent, down zero-point-three percentage point from an earlier three-point-one percent growth projection.

According to the Saenuri Party’s chief policy-maker Kim Gwang-lim, the government delivered the forecast at an economic policy meeting with the ruling party on Friday.

The government explained that the two-point-eight percent expansion is predicted this year if economic policies are implemented as planned in the second half. The government vowed to exert efforts to bring the economic growth rate back to the three-percent level.