The International Monetary Fund(IMF) on Tuesday slashed its growth forecast for South Korea's economy this year to two percent from its previous outlook of two-point-six percent, saying that the global economy is in a "synchronized slowdown."

In its World Economic Outlook report, the IMF also cut South Korea's growth outlook for next year to two-point-two percent, down point-six percentage points from an earlier forecast in April. 

The fund said slowing growth in China and the spillover effect of the yearlong U.S.-China trade war influenced this year's downward revision of growth outlooks for Asia's advanced economies, such as South Korea, Hong Kong and Singapore.

The IMF also lowered its global growth outlook for this year to three percent, down point-two percentage points from its previous forecast in July, predicting the weakest growth since the 2008 financial crisis. 

The fund projected the world economy to grow three-point-four percent next year, down point-one percentage point from its July forecast.