The Organization for Economic Cooperation and Development(OECD) lowered its growth outlook for South Korea this year to two-point-two percent.

According to Seoul's finance ministry on Monday, the OECD’s latest projection for the country was downgraded from two-point-three percent in November last year while the organization’s outlook for the global economy rose from two-point-seven percent to two-point-nine percent.

The latest forecast is identical to the outlook by the government and higher than two-point-one percent projected by the Bank of Korea, while the International Monetary Fund last week projected a two-point-three-percent expansion for South Korea this year.

The OECD projection for next year remained unchanged from the previous outlook at two-point-one percent.

The organization expects inflation in South Korea to slow to two-point-seven percent this year before reaching two percent in 2025, unchanged from its November projections.