The International Monetary Fund(IMF) has slashed its growth outlook for South Korea for both this year and next year. 

According to the finance ministry on Wednesday, the IMF lowered its 2024 growth outlook for the country to two-point-two percent, representing a zero-point-three percentage point cut from its previous forecast in July. 

The IMF attributed the cut to weak recovery in domestic demand, although it says the economy will be supported by strong semiconductor exports.

For next year, the IMF cut its growth outlook for South Korea by two percentage points to two percent.  

As for the inflation rate, the IMF expects it to approach the target level of two percent next year.

Expressing concerns about the high level of uncertainty in the South Korean economy, the IMF called for strong economic policies to strengthen resilience.