The downgrade comes during an ongoing general strike in Santa Cruz, the country's largest city and economic motor, which has become a site of protests over the timing of a population census.
Activities in Santa Cruz have slowed to a standstill due to the strike, which has created losses of more than $780 million and slowed growth.
Bolivia's agricultural sector has been among the hardest hit by the strike, Economy Minister Marcelo Montenegro said during a news conference.
The government's proposed budget includes over $4 billion in investments in the sector, in addition to the exploration and production of hydrocarbons and biodiesel.
"We are going to continue betting on an important engine: domestic demand," Montenegro said.
Gross Domestic Product (GDP) growth stood at 4.13% in the first half of this year.
(Reporting by Daniel Ramos; Editing by Bill Berkrot)