South Korea has cut its growth forecast for the second time in three months, amid a slowdown in its exports.
The finance ministry now expects the economy to grow by 2.3% in 2013, down from its earlier projection of 3%.
Exports, which account for almost half of South Korea’s overall output, have been hit by weak demand from markets such as the US and the eurozone.
The ministry said that it would unveil a series of stimulus measures in the coming days aimed at reviving growth.
South Korea’s economy expanded by 2% in 2012, the slowest pace in three years.