The International Monetary Fund(IMF) again reduced its global growth outlook for this year, citing global trade tensions and continued uncertainty. 

In an update to its World Economic Outlook on Tuesday, the IMF projects global economic growth to come in at three-point-two percent, down point-one percentage point from an earlier forecast in April.

The latest projection is point-seven percentage point lower than the IMF’s growth rate forecast of three-point-nine percent issued a year earlier.

The IMF also slashed its growth outlook for next year by point-one percentage point to three-point-five percent. 

The IMF attributed its revised numbers to a number of geopolitical and economic uncertainties, including the U.S.-China trade dispute, the U.K’s pending divorce from the European Union and energy price fluctuations.

While South Korea’s projected growth rate was not explicitly mentioned in the latest update, the report pegs the overall average growth rate of “advanced economies” at one-point-nine percent this year and one-point-seven percent next year.