Moody’s Investors Service has maintained its outlook for South Korea’s economic growth this year while slashing its prospects for the Group of 20 advanced economies. 

The global credit rating agency said on Thursday that the G20 countries will grow an average of five-point-eight percent this year, down by zero-point-four percentage points from its August forecast. 

It cited a weaker optimism regarding global economic recovery due in part to higher inflation and slowdown in U.S. and Chinese economies. 

As for the South Korean economy, Moody’s kept its 2021 outlook unchanged at four percent. The growth forecast for Asia’s fourth largest economy next year and in 2023 also remained unchanged at three-point-two percent and two-point-seven percent, each.