South Korea slashes rates to all-time low of 0.5pcBusiness | 28 May 2020 1:03 pm
South Korea's central bank lowered its policy rate to an all-time low of 0.5 percent to soften the pandemic's shock to the country's trade-dependent economy. The Bank of Korea also adjusted its annual growth outlook from a 2.1 percent expansion to a 0.2 percent contraction.
The country's economy hasn't seen an annual contraction since 1998. The economy shrank 1.4 percent during the first three months of the year as people stayed home and exports shrank amid worldwide lockdowns.-AP