The Organization for Economic Cooperation and Development(OECD) has again lowered its outlook on South Korea’s economic growth for 2019. 

In a report released on Thursday, the OECD projected Asia's fourth largest economy will grow two-point-one percent this year, cutting its expectations by zero-point-three percentage points from its previous analysis four months earlier. 

In May, the OECD lowered South Korea's 2019 growth outlook to two-point-four percent from two-point-six percent in March. 

The organization cited global trade woes and falling demand from China as reasons for the latest downward revision. 

It also revised down South Korea’s growth for 2020 by zero-point-two percentage points to two-point-three percent. 

The OECD also cut its global economic outlook by zero-point-three percentage points to two-point-nine percent for 2019 and by zero-point-four percentage points to three percent for next year.