The International Monetary Fund(IMF) has forecast that South Korea’s economy will grow one-point-seven percent this year, down point-three percentage points from the agency’s previous outlook in October.  

The agency issued the latest projection in its World Economic Outlook Update released on Tuesday. 

South Korea's slashed forecast comes in contrast to the IMF's outlook for the overall global economy this year, which saw a mark up by point-two percentage points from October to two-point-nine percent. 

The agency said the global outlook has improved amid expectations for economic recovery resulting from China’s reopening, and more robust consumption and investment than expected in the U.S. and the eurozone.

The IMF forecast growth of one-point-four percent for the U.S. this year, five-point-two percent for China, point-seven percent for the eurozone and one-point-eight percent for Japan. The figures are all slightly up from the agency’s October forecast. 

For next year, the IMF predicted South Korea will post economic growth of two-point-six percent, three-point-one percent for the world, one percent for the U.S. and four-point-five percent for China.