Domestic and foreign economic institutes and investment banks presented grim growth forecasts for South Korea.
 
Investment bank Goldman Sachs recently slashed its growth outlook for South Korea for the first quarter of the year to three tenths of a percent from a half of a percent.
 
The bank also cut its growth forecast for this year from two-point-six percent to two-point-four percent, compared to the South Korean government’s forecast of three-point-one percent.
 
The Korea Center for International Finance said that it is hard to find foreign investment banks raising their growth forecasts for South Korea.
 
Domestic securities firms are projecting pessimistic growth forecasts for the second quarter as well: between four tenths of a percent and eight tenths of a percent.
 
KB Investment and Securities predicted the economy will grow seven tenths of a percent for the second quarter, while IBK Securities projected eight tenths of a percent.
 
Major domestic research institutes are moving to lower their forecasts for this year.
 
Hyundai Research Institute said that it may slash its forecast for the year around June from its current forecast of two-point-eight percent due to sluggish exports and domestic demand.
 
LG Economic Research Institute also hinted at a possible cut from its forecast of two-point-five percent.