The Organization for Economic Cooperation and Development(OECD) has lowered its growth outlook for South Korea for next year.

In its global economic outlook released on Tuesday, the OECD cut its growth forecast for Asia's fourth largest economy for 2023 to one-point-eight percent, zero-point-four percentage points lower than its previous projection of two-point-two percent in September.

The OECD assessed that although private consumption has significantly improved, exports are slowing down due to weak demand in semiconductors and China's COVID-19 lockdowns as high prices persist.

The nation’s economy has logged growth under two percent just twice – in 2009 right after the global financial crisis and in 2020 after the outbreak of COVID-19.

The OECD’s growth forecast for the Korean economy this year is two-point-seven percent.

The global economy is projected to grow three-point-one percent this year and two-point-two percent next year and start recovery in 2024 by expanding two-point-seven percent.