Containers awaiting export are stacked at a port in Busan on June 1. (Newsis) Major global investment banks have raised their average forecast for South Korea's economic growth this year to 3 percent, the Korea Center for International Finance said Monday, citing a semiconductor-led export boom.The average 2026 real gross domestic product growth forecast among eight major global investment banks rose to 3 percent at the end of June from 2.8 percent a month earlier, marking the first time the consensus has reached the 3-percent level.The outlook has steadily improved from 2 percent at the end of last year to 2.1 percent in January, 2.4 percent in April, 2.8 percent in May and 3 percent in June as export momentum continued to strengthen.JPMorgan made the largest upward revision, raising its forecast to 3.7 percent from 3 percent, followed by Citibank, which increased its estimate to 3.5 percent from 3 percent.Barclays lifted its forecast to 2.7 percent from 2.6 percent, Goldman Sachs to 2.7 percent from 2.5 percent, and HSBC to 2.8 percent from 2.6 percent. Forecasts from Bank of America, Nomura and UBS were unchanged at 3.1 percent, 2.4 percent and 2.8 percent, respectively.The upward revisions followed June exports surpassing $100 billion for the first time, fueled by robust semiconductor shipments.Some forecasters are even more optimistic. Capital Economics expects South Korea's economy to grow 4.0 percent this year, while Korean Re forecasts 4.1 percent growth.The Bank of Korea is also widely expected to raise its official growth forecast when it releases updated economic projections in August.The central bank projected 2.6 percent growth in May, but stronger-than-expected economic data has since reinforced expectations of an upgrade. First-quarter GDP growth was revised up to 1.8 percent from a preliminary 1.7 percent, while Bank of Korea Governor Shin Hyun-song said on June 19 that this year's forecast would be revised upward "mechanically" from the current 2.6 percent.The export boom has also prompted investment banks to raise their current account forecasts.The average forecast for South Korea's current account surplus climbed to 14 percent of nominal GDP at the end of June from 10.8 percent a month earlier, more than doubling from 6.5 percent at the end of last year.All eight institutions except UBS revised their forecasts higher. HSBC made the biggest upward revision, raising its estimate to 17 percent from 9.8 percent. Citibank lifted its forecast to 16.4 percent from 11.8 percent, followed by Bank of America (16.1 percent from 15 percent), Nomura (15.5 percent from 10 percent), Goldman Sachs (15.1 percent from 12.4 percent), JPMorgan (14.8 percent from 10.2 percent) and Barclays (13 percent from 12.8 percent).