The Bank of Korea turned downbeat about the economy in line with private forecasts, lowering growth estimates for this year to 2.0 percent and 2.3 percent in the coming year.

The Korean central bank on Friday estimated that Korea’s gross domestic product (GDP) to add 2.0 percent in 2019, slower than 2.2 percent projected in July. It downgraded growth outlook for 2020 to 2.3 percent from earlier 2.5 percent.

The economy has been underperforming throughout the year, and many expect growth to fall below 2.0 percent this year.

Korea’s GDP gained 0.4 percent on quarter in the third quarter and 1.0 percent in the second, while contracting 0.4 percent in the first quarter.

By Cho Jeehyun

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