Global investment banks presented a pessimistic growth outlook for South Korea this year.

According to the Korea Center for International Finance, ten global investment banks expected South Korea will grow an average of two-point-four percent this year.

The estimate is lower than the Bank of Korea’s latest projection of two-point-five percent growth and the Organization for Economic Cooperation and Development’s outlook of two-point-six percent.

Japan’s Nomura forecast two percent growth for South Korea this year. It had expected the country to grow two-point-seven percent this year in its growth outlook presented in January of last year.

Barclays, JP Morgan and Morgan Stanley predicted two-point-three percent growth, respectively, while Citibank, Deutsche Bank and Goldman Sachs forecast two-point-four percent growth.

The banks projected that South Korea’s consumer price index will increase to one-point-seven percent this year from last year’s one percent.