Goldman Sachs has revised its South Korean economic growth estimate for this year from two-point-three percent to two-point-one percent. 

In an analysis of the local financial market released on Tuesday, the U.S. investment bank attributed the gloomy views to the prospect of the delayed recovery of the global semiconductor market which it says will affect two major local firms, Samsung Electronics and SK Hynix. 

Goldman also pointed to persistent tension between the U.S. and China over trade issues and lowered its outlook for South Korea's 2020 growth rate by zero-point-two percentage points to two-point-three percent. 

The firm expects that the Bank of Korea will lower the key interest rate within this year. 

Goldman previously thought the local central bank would keep the benchmark rate the same, but changed its opinion and said there will be two 25-basis point rate cuts by next year, including one in the fourth quarter.