The Asia Development Bank(ADB) has maintained its economic growth outlook of four percent for South Korea for this year despite the surge in COVID-19 cases.

ADB made the projection for the country in its economic outlook report on Tuesday. 

It projected that the South Korean economy will grow four percent this year and three-point-one percent next year, unchanged from its September estimate. 

The Ministry of Economy and Finance assessed that the ADB kept its growth outlook in light of South Korea's robust exports and facility investment. 

However, the bank projected that the inflation rate would see growth of two-point-three percent this year and one-point-nine percent next year, revising those numbers up point-three percentage points each from its September forecast.  

The ministry cited recovery in consumption after eased social distancing in the fourth quarter and a rise in oil prices for the upgrade.