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Rate cut not sufficient

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Time to mobilize all possible means for recovery

Cutting interest rates is a necessary but insufficient step to turn around the slumping economy. This is why the Moon Jae-in administration should leave no stone unturned to revive the country's economic vitality and ensure sustainable growth.

On Wednesday, the Bank of Korea slashed its key policy rate by 0.25 percentage points to 1.25 percent, the lowest level in two years. The rate cut reflected the aggravating economic conditions. There are growing fears about a further slowdown amid the global economic downturn. The Korean economy has continued to slump, hit by sluggish exports and investment.

Against this backdrop, the reduction of the interest rate is a step in the right direction. It is expected to lower the........

© The Korea Times