The Organization for Economic Cooperation and Development(OECD) revised down its growth outlook for the South Korean economy this year by zero-point-two percentage point to two-point-three percent.

The OECD lowered the forecast on Wednesday from two-point-five percent in September.
 
The adjusted outlook is higher than two-point-two percent each projected by the International Monetary Fund(IMF), the Korea Development Institute(KDI) and the Bank of Korea(BOK).

The adjustment is assumed to have been made after the country posted a zero-point-one-percentage point increase in real gross domestic product(GDP) during the third quarter.

The OECD also revised down its forecast for the South Korean economy next year by zero-point-one percentage point to two-point-one percent, higher than the IMF and the KDI's two percent and the BOK's one-point-nine percent.

The OECD predicted inflation this year to be two-point-three percent, down zero-point-one percentage point from its September forecast.