Global credit rating agency Moody's Investment Service has revised up its growth outlook for South Korea by point-five percentage points.

In a report on the world economic outlook on Tuesday, the rating agency adjusted South Korea's gross domestic product growth forecast from its May outlook of three-point-five to four percent.

Moody's said while the country's recovery has mostly been buoyed by strong exports, high global demand for industrial products, especially electronics, is expected to benefit Asia's fourth-largest economy.

The agency also revised up South Korea's growth forecast for next year from three to three-point-two percent, citing strong recovery based on the country's COVID-19 vaccinations.