The International Monetary Fund(IMF) has slashed its growth estimate for South Korea’s economy this year to one-point-five percent in its latest outlook.

The agency announced the cut in its World Economic Outlook Update released on Tuesday, down by zero-point-two percentage points from January.

The downgraded projection is even lower than the forecast of one-point-six percent by the Bank of Korea and the Organization for Economic Cooperation and Development.

The BOK, however, said on Tuesday that growth this year is likely to trail below its forecast. 

The drop stands in contrast to the IMF's outlook for a group of 41 advanced economies that includes the U.S., Britain and Italy, which increased by zero-point-one percentage point from January to one-point-three percent.

The IMF slightly lowered its forecast for the global economy for this year by zero-point-one percentage point to two-point-eight percent.

The IMF estimates growth of one-point-six percent for the U.S. this year, five-point-two percent for China, and one-point-three percent for Japan.