revise vs revise up

[Jaume Ripoll]

In the sentence below, if we replace the phrasal verb "revising up" by the verb without the particle "up", "revising", will this change the overall meaning of the sentence?

Alongside revising up its forecast for the UK, the OECD used its interim economic assessment to warn that while a moderate recovery is underway in many major economies, global growth remains sluggish, and there are still risks to the upturn.

[Tdol]

It won't tell you the direction of the revision, so some meaning has been lost, but it would still be correct.

You can revise forecasts (up/down).