The Asian Development Bank(ADB) revised up its outlook for the South Korean economy this year from minus one percent forecast in September to minus point-nine percent.

The ADB's revised forecast on Thursday comes after the South Korean economy expanded by over two percent in the third quarter, after posting negative numbers in the first two quarters as fallout from the COVID-19 pandemic.

The ADB maintained its 2021 growth outlook for the country at three-point-three percent.

The average growth outlook this year for the ADB's 46 member nations, excluding Japan, Australia and New Zealand, was minus point-four percent, up point-three percentage points from September.

Forecasts for China, India and Vietnam were also revised up, with the Chinese economy expected to expand two-point-one percent, the Vietnamese economy by two-point-three percent, and the Indian economy to contract eight percent.

The average growth for next year was left unchanged at six-point-eight percent.