The International Monetary Fund(IMF) has trimmed its economic growth outlook for South Korea for next year to two percent.

In its World Economic Outlook published on Tuesday, the IMF marked down its forecast for Asia’s fourth largest economy by zero-point-one percentage point from three months ago.

The organization, however, raised its growth outlook for this year by zero-point-three percentage points to two-point-six percent from its estimate in July.

The IMF maintained its outlook for the global economy for this year at three-point-two percent.

Still, it lowered its estimate for next year to two-point-seven percent, down by zero-point-two percentage points from its July forecast, citing soaring prices, tighter monetary policy around the world, Russia's invasion of Ukraine, and the lingering pandemic.

The IMF said in the report that aside from the global financial crisis and the peak of the
COVID-19 pandemic, this is the weakest growth profile since 2001.