The International Monetary Fund(IMF) has lowered its forecast for South Korea’s economic growth for next year from its previous estimate three months ago. 

According to the Ministry of Strategy and Finance on Tuesday, the IMF released its “World Economic Outlook” for October, with South Korea’s 2024 growth estimate down by zero-point-two percentage points from July to two-point-two percent.

The IMF’s outlook, released four times a year in January, April, July and October, held steady at two-point-four percent in April and July before being cut in October.

Its expectations for this year's growth in the country was left unchanged at one-point-four percent.

The IMF projection is lower than the one-point-five percent estimated by the Organization for Economic Cooperation and Development and the Korea Development Institute, but same as the Bank of Korea’s.

The organization's global economic growth forecast was maintained at three percent for this year, while next year’s forecast was at two-point-nine percent, down zero-point-one percentage point from its July estimate.