The International Monetary Fund(IMF) has slightly upgraded its growth outlook for South Korea for this year in light of the recovery of the global economy.

According to the finance ministry on Tuesday, the IMF projected the South Korean economy to grow two-point-three percent this year, up zero-point-one percentage point from its previous forecast made last October.

The IMF’s projection outpaces that of the government and the Bank of Korea at two-point-two percent and two-point-one percent, each, and matches with the outlook by the Organization for Economic Cooperation and Development.

The IMF maintained its growth outlook for next year at two-point-three percent.

A government official said that the IMF appears to have made the upgrade considering the favorable situations with its major trading partners such as the United States and China.

For the global economy, the IMF raised the growth forecast for this year by zero-point-two percentage points to three-point-one percent in light of steady growth in the U.S. and emerging economies.