The International Monetary Fund(IMF) has maintained its growth outlook for South Korea for this year at three percent.

The Ministry of Economy and Finance said on Tuesday that the IMF did not change its growth forecast for the country in a report on its annual consultations with South Korea.

The IMF's latest forecast is the same as its projection made in January.

The assessment was reaffirmed after the organization's standard annual consultations with relevant entities in member states. It conducted the consultations with officials from the finance ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service from January 11 to 25.

The IMF lowered its growth outlook for South Korea for next year to two-point-eight percent, down by zero-point-one percentage point from its January forecast.

It predicted the country's consumer prices will grow three-point-one percent this year, higher than two-point-two percent projected in October.