Another credit ratings agency has cut its outlook for South Korea's economic growth this year, citing fallout from Russia's ongoing war with Ukraine.

Fitch Ratings on Tuesday revised its growth outlook downward to two-point-seven percent from its earlier forecast of three percent, noting that rising energy prices will act as a drag on household consumption and business activity.

In its economic outlook report, Fitch also said that diminished global demand this year will weigh on the export sector while supply chain disruptions could take longer to ease.

Fitch revised its inflation forecast upward for South Korea to three-point-eight percent, saying consumer price growth is expected to remain above three-point-five percent through early next year.

The agency also anticipates that the Bank of Korea will resume its monetary tightening cycle during its April meeting and predicts the policy rate to rise to two percent by the year end.

Last week, Moody's Investors Service also lowered Korea's growth outlook for this year to two-point-seven percent.