The Bank of Korea cuts interest rates unexpectedly, signaling economic growth concerns.

The Bank of Korea (BOK) unexpectedly lowered its key interest rate by 0.25 percentage points to 3%, marking the second consecutive rate cut since 2009. This move came as a surprise to economists and reflects concerns over slowing economic growth and inflation. The BOK also revised its forecasts, projecting lower GDP growth and inflation rates for 2024, 2025, and 2026 compared to previous estimates.

November 28, 2024
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