The International Monetary Fund(IMF) has marked down its economic forecast for South Korea for this year by half a percentage point to two-point-five percent.

The organization issued its revised global outlook on Tuesday, three months after the initial forecast, reflecting rapidly increasing inflationary pressure around the world and Russia’s invasion of Ukraine among other recent factors.

Despite the downgrade, South Korea fared better than many major economies, including Germany and Italy, which were predicted to grow one-point-seven percentage points and one-point-five percentage points less, respectively, than the previous projections.

The IMF cut the growth forecasts for the U.K., Japan and France by one percentage point, zero-point-nine percentage points and zero-point-six percentage points, respectively. The U.S. and Canada were each subject to more moderate downward revisions and projected to grow zero-point-three percentage points and zero-point-two percentage points less.

Overall, the global economic growth outlook for this year was downgraded to three-point-six percent, zero-point-eight percentage points less than January’s forecast. In addition to the ongoing war in Ukraine, tight monetary and fiscal policies in a growing number of countries, China’s economic slowdown and the protracted pandemic were taken into account.

As for inflation, the global agency raised its outlook for South Korea to four percent this year, up by zero-point-nine percentage points from a month ago. The last time South Korea’s annual price growth hovered at four percent or higher was 2011, which posted four percent.

Meanwhile, the IMF maintained its 2023 outlook for South Korea at two-point-nine percent.