The South Korean government has released its latest projections for the nation's economy.... and its economic policy plans for the latter half of the year.

The finance ministry has cut its growth forecast for 2018 to two-point-nine percent, down zero-point-one percentage point from its three percent projection made earlier this year.

The ministry lowered its forecast for next year to two-point-eight percent.

t also slashed its annual job growth estimate by about half....to 180-thousand newly-added jobs, citing relatively low consumption and investment.

To help support the economy, the government said it will focus on job creation, income redistribution and regulation reform.

In addition, to cope with potential side effects on lower-income earners from this year's and next year's hefty minimum wage hikes, the government said it will expand earned income tax credits and hike the basic pension for the elderly.