The Asian Development Bank(ADB) has raised its growth outlook for South Korea this year from the previous three-point-five percent to four percent.

In a report issued on Tuesday, the ADB cited the country's robust exports, expansions in facility investment, and improved domestic demand as reasons for the upgrade.

The latest forecast, however, did not reflect a recent flare-up of virus cases in South Korea.

Meanwhile, the ADB maintained its forecast for South Korea in 2022 of a three-point-one-percent growth.

The ADB lowered its 2021 outlook for Asia's 46 developing countries, including South Korea, from the previous seven-point-three to seven-point-two percent, citing the virus' resurgence in some countries.