The International Monetary Fund (IMF) has again lowered South Korea's economic growth forecast for this year.

In its World Economic Outlook report, the IMF forecast that South Korea’s economy will grow two-point-seven percent this year, down three-tenths of a percentage point from last month’s forecast. The report is set to be revealed during the annual meetings of the IMF and World Bank that will open in Tokyo on Thursday.

The IMF’s announcement marks the fourth time for the global agency to mark down South Korea’s growth outlook in 2012.

The IMF also projected that South Korea’s economy will grow three-point-six percent next year, down three-tenths of a percentage point from last month’s outlook.

The fund’s downgrade apparently comes as South Korea, which is highly dependent on imports and exports, is expected to be more affected by Europe’s financial crisis than other countries.

The IMF also forecast that this year the global economy will grow three-point-three percent, down two-tenths of a percentage point from a forecast issued in July. The IMF also lowered its global economic growth outlook for next year by three-tenths of a percentage point to three-point-six percent.