Seoul, Oct. 7 -- Global investment banks revised up their forecasts for South Korea's economic growth this year and next, as a semiconductor export boom strengthens the outlook, according to The Korea Herald.

Eight major global investment banks projected average growth of 3.5 per cent for this year at the end of September, up from 3.3 per cent a month earlier, according to figures released Wednesday by the Korea Center for International Finance, The Korea Herald reported.

JPMorgan raised its estimate to 4 per cent from 3.8 per cent, the highest among the eight banks. UBS lifted its forecast to 3.5 per cent from 2.8 per cent, while Bank of America increased its projection to 3.6 per cent from 3.1 per cent. Citi raised its estimate to 3.8...