Major foreign investment banks(IB) have slightly raised this year's growth outlook for South Korea. 

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

That is point-one percentage point higher than the forecast presented a month earlier. 

The nine banks kept their growth estimate for last year at a contraction of one-point-one percent, while forecasting a growth of two-point-eight percent in 2022.