The Organization for Economic Cooperation and Development(OECD) has raised its growth forecast for this year for South Korea to four percent. 

The latest projection is a rise of point-two percentage points from its May estimate of three-point-eight percent growth. 

Revising up its economic outlook on Tuesday, the OECD cited the economy's strong and fast pace of recovery as well as performance indicators exceeding expectations.  

The OECD also raised South Korea's growth outlook for next year by point-one percentage point to two-point-nine percent. 

South Korea, Argentina, Mexico and Spain are the only countries for which the OECD upgraded its growth forecast for this year and next year. 

Meanwhile, the OECD lowered its estimate for the global economy for this year by point-one percentage point to five-point-seven percent, while raising its projection for next year to four-and-a-half percent.