Finance Minister Hong Nam-ki says he expects the new government will lower this year’s economic growth outlook for the country while raising its inflation forecast.   

Speaking to foreign correspondents in Seoul on Tuesday, Hong said he anticipated the International Monetary Fund(IMF) will revise down growth outlooks for many advanced and developing countries, including South Korea, in a report slated for release next week. 

IMF inflation outlooks will also be significantly raised from the current ones, he said. 

The minister said South Korea's next forecast, reflecting the IMF revisions, will likely be out in mid-June under the incoming government as it announces economic policies and directions for the second half of the year. 

Earlier, the Seoul government projected its economy to grow three-point-one percent this year with an inflation at two-point-two percent. 

Policymakers are bracing for revisions given ramifications of Russia’s invasion of Ukraine, continued disruptions to global supply chains and inflation pressure observed in various parts of the globe.