The International Monetary Fund(IMF) has lowered its 2023 economic growth outlook for South Korea again to one-point-four percent.

According to the finance ministry, the IMF issued the projection in the latest update to its World Economic Outlook released on Tuesday, downgrading its estimate by one-tenth of a percentage point from its forecast in April.

The financial agency has now slashed its growth outlook for the country five consecutive times, with cuts in July and October last year and January, April and July this year, to land on a projection that matches those of the South Korean government and the Bank of Korea.

The IMF maintained its growth outlook for the country for next year at two-point-four percent.

Meanwhile, the agency raised its growth outlook for the global economy for this year by zero-point-two percentage points to three percent.