Global credit rating agency Fitch Ratings and investment firm Goldman Sachs have both cut their growth forecast for South Korea.<br />Fitch slashed Korea's 2019 GDP growth estimate on Tuesday to two percent, down from two-point-five percent, citing the economy shrinking by point-four percent in the first quarter, as well as sluggish exports and falling semiconductor prices.<br />Goldman Sachs also downgraded Korea's growth forecast by point-two-percentage points to two-point-one percent, citing prolonged U.S.-China trade tensions.<br />Goldman Sachs had previously forecast that the Bank of Korea would maintain its benchmark interest rate but now says there will likely be two rate cuts by next year.<br />The lowered forecasts follow similar action from the World Bank, the OECD and the Bank of Korea.<br />
