The Asian Development Bank(ADB) has lowered its outlook for South Korea’s economic growth this year to three percent.

According to the Ministry of Economy and Finance on Wednesday, the bank released its latest report earlier in the day, cutting its outlook for Asia’s fourth largest economy by zero-point-one percentage point from its previous prediction in December.

While little explanation was given for the downward revision, it likely reflected the possible impact of inflationary pressure, with the ADB significantly raising its outlook for price growth in South Korea this year to three-point-two percent from one-point-nine percent.

ADB offered two-point-six percent as South Korea’s growth next year while it predicted the nation’s consumer price growth next year will slow to two percent.

Meanwhile, the average growth rate for 46 Asian countries except for Japan, Australia and New Zealand was forecast to be five-point-two percent this year, down by zero-point-one percentage point from December.