The Korea Development Institute has lowered its projections for the country's economic growth both this year and next year to reflect the slowdown caused by the recent surge in coronavirus cases.
The state-run think tank's revised outlook issued Tuesday says the economy will contract by one.one percent this year.
The previous forecast back in May was growth of zero.two percent.
As for next year, KDI is projecting growth of three.five percent.
An official at KDI said the Korea's economy recovery is expected to be slow, and not V-shaped.