The Asian Development Bank has once again slashed its forecast for South Korea's economic growth this year by more than two percentage points.
In its latest report released on Thursday, the ADB is calling for growth of minus one percent.
The ADB had cut its outlook already back in April from two.three to one.three.
But next year, the report says, the Korean economy will grow by three.five percent.
The ADB also forecasts that the economies of Asia overall will grow this year by just one tenth of a percent, the slowest pace in 59 years.