The International Monetary Fund announced Tuesday that it had downgraded this year’s outlook for global economic growth, citing continued risks.

In its most recent report on the global economic outlook, the IMF lowered this year’s global economic growth projection to 3.3 percent, 0.2 percentage point down from three months ago.

The IMF also lowered Korea’s expected growth rate to 2.8 percent, 0.4 percentage point down from three months ago, citing the country’s weak exports and domestic consumption.

Among developed countries, the IMF slashed the estimated growth rates for Korea, Italy and France, which all dropped by 0.4 percentage point. Rates for the U.K., Canada, China and the U.S. were also cut by between 0.1 and 0.2 percentage point.

Japan, however, had its expected economic growth rate raised to 1.6 percent, up 0.4 percentage point from three months ago, thanks to its strengthened economic stimulus policies and depreciated yen.

By Chung Joo-won (joowonc@heraldcorp.com)