Major foreign investment banks lowered again their forecasts for South Korea's economic growth for this year citing sluggish exports and slowing global demand.

According to a report by the Korea Center for International Finance on Sunday, the average growth forecast for 2019 by nine major global investment banks stood at two-point-five percent as of the end of January, down one tenth of a percentage point from a month earlier.

Credit Suisse slashed its growth projection for this year to two-point-four percent from its previous forecast of two-point-eight percent, and Barclays and UBS both revised it lower to two-point-five percent from two-point-six percent.

The foreign banks' growth forecasts for the South Korean economy have been on a constant decline from their initial projection of two-point-eight percent on average.

The Bank of Korea and the state-run Korea Development Institutes each put its growth outlook for 2019 at two-point-six percent.