The International Monetary Fund on Tuesday lowered its growth outlook for South Korea to 2.8 percent from 3 percent amid sluggish corporate investment and domestic consumption.

It also slashed the country's growth projection for next year to 2.6 percent from 2.9 percent, becoming the latest global institution to be less optimistic about Asia's fourth largest economy.

Last month, the Organization for Economic Cooperation and Development also trimmed its growth estimate for South Korea to 2.7 percent this year from the previous 3 percent gain.

UBS, Nomura and Goldman Sachs also recently lowered their own growth outlook for Asia's fourth-biggest economy.

UBS and Nomura cut their outlook to 2.9 percent and 2.8 percent, respectively, from 3 percent, with Goldman Sachs adjusted down its figure to 2.7 percent from 2.9 percent. 

Their downward revisions reflect decreasing corporate investment in facilities in the past five months through July, as well as feeble domestic consumption.

In July, the Korean government trimmed its growth target to 2.9 percent for the year from its earlier projection of 3 percent and sharply scaled back its job creation target to 180,000 from its earlier estimate of 320,000.

Last year, the economy expanded 3.1 percent. The ministry's latest growth revision is on par with the Bank of Korea's growth forecast. The central bank had shed its growth estimate to 2.9 percent from its earlier 3 percent projection.

Meanwhile, the global economy as a whole is expected to move up 3.7 percent in 2018, also down from its earlier forecast of 3.9 percent expansion, with the Washington-based fund predicting the same level of growth for the following year. (Yonhap)