Meanwhile, Goldman Sachs has slashed South Korea's economic growth forecast for 2019.
According to Bloomberg, the investment bank lowered the country's expected growth rate this year to 1.9 percent from the previous 2.2.
It also revised next year's forecast to 2.2 percent from 2.3.
Goldman Sachs also cut growth projections for the other "Asian Tiger" economies, namely Hong Kong, Singapore, and Taiwan.
It said their heavy exposure to international trade, which helped them in the past, is now a source of headwinds due to the global economic slowdown.