Global credit rating agency Standard and Poor’s(S&P) forecast on Wednesday the South Korean economy will grow one-point-four percent next year. 

Louis Kujis, an Asia-Pacific chief economist at S&P Global Ratings, gave the outlook in an online media conference, saying export-driven economies such as South Korea and Taiwan will likely see a steeper cut in growth amid global economic slowdown. 

He said the South Korean economy has continued growing in the past several decades and entered, as expected, a slower growth phase, adding Asia’s fourth largest economy will significantly decelerate in the next 10 years. 

Regarding the country’s monetary policy aimed at taming inflation, Kujis expected the rate will further rise but unlikely top three-point-five percent. The Bank of Korea last month raised the key rate by 25 basis points to three-point-25 percent, the latest in a series of rate hikes that saw it jump by two-point-75 percentage points since August of last year. 

He predicted Korea will suffer capital outflows in the process, which will cause a deficit in or a damage to its current account.