Goldman Sachs has cut its 2019 economic growth outlook for the Four Asian Tigers, including South Korea and Hong Kong. 

According to Bloomberg, a report by the global investment bank on Thursday projected the South Korean economy to grow one-point-nine percent this year, zero-point-three percentage points lower than its previous prediction, citing the slowing global economy and the U.S.-China trade spat among other factors. 

It also revised down South Korea’s growth projection for 2020 to two-point-two percent from two-point-three percent. 

As for growth projections for South Korea in the third and fourth quarters, Goldman Sachs said it expects two-point-one percent and two percent, respectively, both zero-point-four percentage points lower than the last projections. 

It expected an additional rate cut by the Bank of Korea this year following the one in July, adding it will likely happen in October. 

Hong Kong’s outlook for this year was slashed from one-point-five percent to zero-point-two percent due in large part to the protracted pro-democracy protests in the territory.

The outlook for Singapore also dropped to zero-point-four percent from one-point-one percent, while Taiwan's inched down by zero-point-one percentage point to two-point-three percent.