Major foreign investment banks(IB) have revised down this year's growth outlook for South Korea following the resurgence of the COVID-19 epidemic in the country.

According to the Korea Center for International Finance on Monday, as of late September, nine major IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to shrink an average of one-point-four percent this year.

That is point-five percentage points lower compared to a point-nine percent contraction forecast a month earlier.

The projection for Asia's fourth-largest economy, however, is comparably better than negative three-point-eight growth predicted for the global economy this year.

The U.S. economy is projected to contract three-point-nine percent and the eurozone by seven-point-three percent.

The IBs also lowered the outlook for South Korea next year from the previous three-point-five percent to three-point-two percent.