Major foreign investment banks have slashed their growth outlook for the Korean economy for this year and the year after on slowing global trade and the industry downsizing.

The Korea Center for International Finance said growth forecasts by nine major global investment banks averaged 2.7 percent for 2018 and 2.6 percent for 2019 at the end of November, both down 0.1 percentage points from a month earlier.

Banks also cut their global growth outlook for 2018 and 2019 to 3.8 percent and 3.6 percent.