South Korea's per capita gross domestic product may drop on-year in 2015 for the first time since the global financial crisis amid a feeble global economy and a weakening won, some economic institutions said Monday.

LG Economic Research Institute, the think tank of business conglomerate LG, projected the country's per capita GDP to reach $27,600, down from last year's $28,100.

The figures were based on the real growth rate estimate of 2.6 percent, an average foreign exchange value of 1,109 won against the greenback, as well as a 1.5 percent increase in the GDP deflator.  

"Since South Korea's growth potential has fallen, it is in need of a structural reform. It needs to find new growth engines in domestic demand," said Lee Geun-tae, an economist at the institute.

Lee Yong-hwa of Hyundai Research Institute backed the view.

"A $30,000 per capita GDP was expected earlier this year. But the overall growth engine, including investment, has weakened," said Lee. "Consumer sentiment took a hit from the ferry Sewol sinking and the Middle East Respiratory Syndrome outbreak."

The gloomy forecast comes as Asia's fourth-largest economy is facing a double whammy of slumping exports and faltering domestic demand.

Reflecting these setbacks, a legion of economic institutions have cut their growth forecasts for the Korean economy, including the Bank of Korea, which lowered its estimate to 2.8 percent from 3.1 percent earlier this month.

In efforts to bolster growth, the central bank has lowered the key policy rate by a total of 1 percentage point through four rate cuts. The government, meanwhile, submitted plans for an 11.8 trillion-won ($10.1 billion) budget plan to the National Assembly.

On Friday, the parliament gave the nod to a reduced 11.6 trillion-won extra budget in a 149-23 vote following a three-week tug-of-war between the ruling and opposition parties. (Yonhap)