The OECD has downgraded its economic growth outlook for Korea for the second time in a month. In a regular report published on Tuesday, the OECD said it lowered the growth forecast for Korea to 3.3 percent, down from a 3.5 percent in an earlier review.

The OECD releases country outlook reports in May and November. In November last year, it estimated Korea's growth outlook at 3.8 percent but downgraded it to 3.5 percent in a separate forecast on April 26.

The worsening euro crisis, uncertainty of the Chinese economy and soaring oil prices are becoming risk factors for the Korean economy, it said. Private consumption will slow down more significantly than expected if interest rates rise at a time when households are heavily burdened with debts.

The OECD maintained the global economic growth forecast at 3.4 percent, while upgrading the outlook for the U.S. from 2 percent to 2.4 percent but downgrading Korea and the eurozone. The OECD takes an especially gloomy view of Korea because it is largely dependent on exports and household debt is at alarming levels.