Major global investment banks have raised their average growth forecast for South Korea’s economy this year to one percent, reflecting stronger-than-expected second-quarter GDP data and progress in Korea-U.S. trade talks.

J.P. Morgan, previously the most pessimistic, raised its forecast from zero-point-five percent to zero-point-seven percent, citing solid export and manufacturing performance.

Citi and Goldman Sachs also revised their projections upward, now expecting growth of zero-point-nine and one-point-two percent, respectively, following a trade deal that eased tariff-related uncertainty.

The Korea Center for International Finance noted that the average forecast among eight major investment banks has risen for a second consecutive month, from zero-point-eight percent in June to zero-point-nine percent in early July, and now to one percent.

The Bank of Korea is also expected to consider an upward revision to its own forecast in its upcoming economic outlook later this month.