Seoul, Oct 9 (IANS): The International Monetary Fund (IMF) revised down Tuesday its 2012 economic growth outlook for South Korea to 2.7 percent from an earlier estimate of 3 percent, citing lingering external uncertainties such as the escalating crisis in Europe.

According to the ministry of strategy and finance, the downgraded outlook came less than three weeks after the IMF lowered the country's 2012 growth outlook from 3.5 percent to 3 percent following an annual consultative meeting with the nation's major ministries and agencies, reported Xinhua.

The growth outlook for 2013 was also cut to 3.6 percent from an earlier estimate of 3.9 percent.

In South Korea, "growth is projected to moderate to 2.7 percent this year, but to pick up to about 3.6 percent in 2013 because of a rebound in exports and private investment, which is geared toward the tradable sector", the IMF said.

The IMF picked the deepening crisis in Europe, the possible failure to address the US fiscal cliff and higher global oil prices as major risk factors. From the mid-term perspective, the global economy may face risks such as the side effect from the quantitative easing, the high debt level in the public sector and the lower potential economic growth.

Citing the risk factors, the global economic outlook for 2012 was revised down to 3.3 percent from 3.5 percent estimated in July. The outlook for 2013 was downgraded from 3.9 percent to 3.6 percent.