South Korea posted one of the sharpest drops in its potential growth rate for this year among members of the Organization for Economic Cooperation and Development (OECD).

According to estimates by the OECD on Sunday, the country's potential growth rate for this year was estimated at two-point-seven percent.

The figure is just above the two-point-five to two-percent-six percent growth suggested by the Bank of Korea.

The potential growth rate, however, plunged a whopping point-four percentage point compared with the three-point-one percent outlook estimated by the OECD in 2017.

Among the 36 members of the OECD, only Turkey and Ireland witnessed a steeper drop in their potential growth rate from two years earlier.

The comparable figure for the United States, on the other hand, rose to two percent this year from one-point-nine percent in 2017.