The International Monetary Fund ( IMF) is expected to sharply cut its 2010 growth outlook for South Korea to 1.5 percent amid a protracted global recession, local media said Monday.

According to local daily Munwha Ilbo, the growth outlook for the South Korean economy next year was lowered from a 4.2 percent rise predicted in February by the organization.

In February, the IMF forecast a 4 percent contraction for the economy in 2009, adding that a turnaround is likely for the following year.

The South Korean government declined to confirm on the media report as the official announcement by the IMF was to be made on Wednesday.

"We are still in consultations with the organization to finalize the outlook on our economy," a finance ministry official was quoted as saying.