The Organization for Economic Cooperation and Development(OECD) slightly cut its growth outlook for South Korea for this year to a one-point-one percent contraction, citing the fallout of the resurgence of COVID-19.

The latest OECD projection represents a decrease of point-one percentage point from its previous outlook presented in September.

Despite the downward revision, the OECD said South Korea's effective measures to contain the spread of COVID-19 have limited the estimated fall in gross domestic product to just over one percent this year, the smallest decline in the OECD.

The organization predicted the Korean economy to grow two-point-eight percent next year, down from its previous projection of three-point-one percent. It expected the economy to grow three-point-four percent in 2022. 

The OECD revised upward its 2020 growth outlook for the world economy to a contraction of four-point-two percent, while sharply slashing its forecast for next year to a growth of four-point-two percent from five percent.