Global and local organizations continued to make downward revisions on South Korea’s growth outlook amid sluggish economic data at home and abroad.

Most recently, the Organization for Economic Cooperation and Development cut its 2016 growth forecast of Asia’s fourth-largest economy to 2.7 percent from 3.1 percent, citing sluggish global trade and a slowdown in China.

The International Monetary Fund lowered its 2016 growth estimate for Korea to 2.7 percent, and the Bank of Korea also revised down its 3 percent growth target to 2.8 percent.

Among private think tanks, LG Economic Research Institute has the most pessimistic view on the Korean economy, forecasting a 2.4 percent growth this year.

Finance Minister Yoo Il-ho recently hinted at a possible downward revision from the ministry’s current 3.1 percent growth projection.