Global credit rater Fitch Ratings revised down its growth outlook for South Korea this year, citing fallout from the novel coronavirus pandemic.

In its latest report on Thursday, Fitch trimmed its forecast from point-eight percent last month to negative point-two percent.

The rating agency expected negative growth of point-three percent in the first quarter, and a negative three-percent growth in the second quarter, suggesting the country will fall into recession in the first half.

Citing business restrictions imposed by the United States and European countries amid the pandemic, Fitch also lowered its 2020 global outlook from one-point-three percent to negative one-point-nine percent.

It cut the outlook for the U.S. from one to negative three-point-three percent, and for the Eurozone from negative point-four to negative four-point-two percent.