The International Monetary Fund(IMF) has revised down its growth outlook for South Korea this year.

According to Seoul’s finance ministry on Tuesday, the IMF projected that South Korea’s real gross domestic product will expand one percent in 2025, departing from its January forecast of two percent. 

The one-percentage-point cut is the largest for any major economy. 

The IMF also revised the country’s economic growth forecast for 2026 to one-point-four percent, a zero-point-seven percentage point decrease from its previous projection.

Meanwhile, the growth forecast for the global economy this year was downgraded to two-point-eight percent from three-point-three percent in January.