Growth forecast for South Korea's real gross domestic product (GDP) this year was downgraded to 0.1 percent from the previous 1.4 percent, the credit appraiser said.
It was the second downward revision in less than three weeks. On March 9, Moody's lowered its outlook for South Korea from 1.9 percent to 1.4 percent.
The downward revision reflected the expected economic fallout from the COVID-19 outbreak across the world as it may plunge the global economy into a recession.
The outlook for South Korea was relatively higher compared with Moody's forecasts for major economies.
The United States, Japan, Germany, Britain, France, Italy and Canada were forecast to slide between 1.4 percent and 3.0 percent.
Earlier this month, Standard & Poor's cut this year's growth outlook for the South Korean economy from the prior 1.1 percent to a reduction of 0.6 percent.
Fitch also revised down its growth forecast from 2.2 percent to 0.8 percent citing the COVID-19 outbreak.
Latest comments