More and more foreign investment banks and credit raters are reducing South Korea’s growth estimate for 2015, on increasing deflation threats caused by weak consumption and exports, data revealed Sunday.

The research, conducted by Bloomberg on 27 foreign credit rating firms, expects Asia’s fourth-largest economy to achieve 3.4 percent growth this year, as the rating agencies curbed their growth projections over the past two months.

The downgrade is in accordance with the Bank of Korea’s 3.4 percent growth outlook, despite the South Korean government’s unchanging assertion of 3.8 percent.

The raters also lowered South Korea’s inflation outlook from 1.7 percent to 1.3 percent, far lower than the central bank’s 1.9 percent.

They held South Korea’s weak consumption and exports accountable for the downgrade in the face of the lackluster global economy and weak yen and euro.