The International Monetary Fund has revised down South Korea's economic growth outlook for 2015 to 2.7 percent from an earlier prediction of 3.1 percent.
The Washington-based organization said in the latest World Economic Outlook report released on Tuesday that the downgrade has stemmed from poor domestic demand and weak exports caused by China's economic recession.
In addition, for 2016, the IMF said South Korea may grow 3.2 percent, down from an earlier 3.5 percent forecast announced in July.
Citing the developed nations' sluggish economic conditions and the worsening situation of emerging markets, the report also said the world economy will likely expand 3.1 percent this year, down from its earlier estimate of 3.3 percent.
It also lowered the global economic growth outlook for 2016 from 3.8 percent to 3.6 percent.
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