Nine major global banks including Barclays, BoA-Merrill Lynch, Citi, Credit Suisse and Goldman Sachs late last month upgraded their forecasts for Korean economic growth this year, projecting a contraction of 1.2%. (Korea.net DB)

By Xu Aiying and Lee Hana

Major foreign investment banks have upgraded their forecasts for Korea's economic growth this year.

The Korea Center for International Finance on Nov. 6 said a report found that nine such banks including Barclays, BoA-Merrill Lynch, Citi, Credit Suisse and Goldman Sachs late last month predicted the Korean economy to shrink 1.2% this year, down from their median outlook of minus 1.4% in September.

The upgrade comes amid rising hopes for an economic rebound in Asia. The banks hiked their growth outlooks for seven of 10 Asian economies surveyed in the report. 

Credit Suisse raised its growth forecast for Korea from minus 1.9% to minus 1.2%. Barclays and JP Morgan raised their predictions by six-tenths of and half a percentage point, respectively. 

The banks also slightly raised the 2021 growth outlook for the nation from 3.2% to 3.3%.

xuaiy@korea.kr