International Monetary Fund lowered Korea’s growth outlook by 0.1 percent to 1.4 percent for this year in its latest forecast released Tuesday despite an upgrade for the global economy.

The revised projection is on a par with the predictions by the Korean government and Bank of Korea as the economy is still reeling from higher interest rates and rising prices.

The Washington, D.C.-based institution expects global growth of 3 percent, up 0.2 percent from the previous announcement in April.

The IMF attributed the revision to a restoration in the financial and banking sectors after being dragged down by the collapse of Silicon Valley Bank and other venture capital-focused lenders.

It also cited an agreement on the debt ceiling in the United States and recovery in the tourism industry as the factors upping its growth outlook.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]