South Korea's central bank revised up its economic outlook for 2020 and 2021, amid signs of a modest recovery.

On Thursday, the Bank of Korea(BOK) adjusted its growth forecast for this year from minus one-point-three to minus one-point-one percent, and outlook for 2021 from growth of two-point-eight percent to three percent.

In a statement, the BOK assessed that the global economic recovery has slowed due to a resurgence of COVID-19 around the world.

While the South Korean economy has continued to recover at a moderate pace, the central bank said uncertainties remain and the recovery in private consumption has been delayed because of the virus' resurgence.

The BOK, meanwhile, predicted that consumer prices may grow point-five percent this year and one percent in 2021.

After contracting three-point-two percent on-quarter in the April to June period, the economy rebounded to a modest growth of one-point-nine percent in the third quarter, thanks to signs of improvement in exports.