The Organization for Economic Cooperation and Development(OECD) has marked down its 2023 economic growth outlook for South Korea to one-point-five percent. 

According to the finance ministry on Wednesday, the OECD issued such an outlook which is down zero-point-one percentage points from its March projection. 

The latest forecast is lower than the South Korean government’s outlook, higher than the Bank of Korea’s and identical to the ones issued by the International Monetary Fund and the Korea Development Institute. 

The intergovernmental organization assessed that private consumption is picking up, mainly in the services industries, thanks to the easing of quarantine measures but that private investment is relatively sluggish due to high interest rates. It also cited that South Korea’s exports are dwindling due to a slowdown in global demand for semiconductors. 

The OECD forecast growth of two-point-one percent for South Korea next year. That’s down point-two percentage points from its March forecast. 

As for the global economy, the OECD projected growth of two-point-seven percent this year, up point-one percentage point from its initial forecast.