Global investment banks have slashed their growth outlook for South Korea for this year.

According to the Korea Center for International Finance on Friday, the growth forecast by eight foreign investment banks averaged two-point-three percent at the end of October, representing a zero-point-two percentage point cut from a month earlier. 

The average growth forecast fell from two-point-seven percent in June to two-point-five percent in July before slipping again to two-point-three percent in October. 

Foreign investment banks’ growth outlook for the country for next year fell to an average of two percent in October from two-point-one percent in September. 

In August, the Bank of Korea(BOK) lowered its growth forecast for this year to two-point-four percent from the previous estimate of two-point-five percent. 

The BOK is set to announce its revised economic outlook on November 28.