The overall state of the economy has weakened in recent months due to shrinking business confidence and stagnant consumer spending, the Finance Ministry said Monday in a report.
The downgraded economic assessment, compiled at a periodic meeting of the ministry's 11 regional bureaus, reflects the effect of the decelerating U.S. economy and a subsequent decline in global demand.
In the ministry's previous assessment in April, the bureau chiefs cited "moves toward a self-sustainable recovery led by the corporate sector." But this phrase was absent in the latest assessment.