The Asian Development Bank(ADB) has upgraded South Korea's growth outlook for both this year and next.

According to the finance ministry, the ADB forecast in its latest Asian Development Outlook report, released Wednesday, that South Korea’s economy will grow zero-point-nine percent this year and one-point-seven percent next year. 

That marks an upward revision of zero-point-one percentage points to both forecasts from estimates released in September. 

The adjustment reflects the impact of government stimulus measures, stronger global semiconductor demand and the conclusion of tariff negotiations with the United States. 

The ADB also raised its inflation forecast for South Korea by zero-point-two percentage points from September to two-point-one percent for both this year and next year.