The nation’s major economic think tanks and brokerages expect the Korean economy to grow an average of 3.2 percent next year.

The forecast by 15 securities companies and think tanks is lower than a growth outlook of 3.6 percent offered by the International Monetary Fund in October.

The Finance Ministry projected Korea’s economy to grow at 4 percent, while major foreign investment banks on average expected a 3.1 percent growth rate.

Analysts said the think tanks estimated the bearish outlook because the global economy will not likely recover easily next year amid sluggish domestic consumption.