Most South Korean manufacturers forecast their business to get bearish in the third quarter of this year due to the global economic slowdown, a survey showed Tuesday.

The survey of 2,500 companies conducted between late May and early June by the Korea Chamber of Commerce and Industry (KCCI) showed the Business Survey Index (BSI) at 97 for the July-September period, slightly down from 99 for the second quarter. 

The index gauges the manufacturers' outlook on business conditions, and a reading below the benchmark 100 means pessimists outnumber optimists. The BSI has been below 100 since the third quarter of 2011.

"The BSI for the second quarter rose 30 points to 99 from the previous quarter, but the continued depreciation of the yen against the U.S. dollar, the Fed's easy-money policy and a sign of a slowdown in the Chinese economy pulled down the index for the third quarter," the KCCI said.

Citing this bleak outlook, the KCCI anticipated that it will not be easy for the South Korean economy to achieve the kind of growth forecast by the government and major think tanks.

The government predicted the country's annual economic growth to reach 2.3 percent this year, lower than the Bank of Korea's forecast of 2.6 percent.

Of the respondents, 47.9 percent said that faltering global economy is the biggest hurdle to their third-quarter business, while 26.8 percent cited cash shortages as another reason for the pessimistic outlook. (Yonhap News)