South Korea's central bank cuts a key rate to nurse a slower economy

South Korea’s central bank has lowered its key policy rate for the second straight month and says the country’s economy will grow at a slower pace than it initially anticipated. The Bank of Korea cut its benchmark interest rate by a quarter percentage point to 3% after policymakers met Thursday. The bank lowered its outlook for the country’s economic growth from 2.4% to 2.2% for 2024 and from 2.1% to 1.9% for 2025. It was the second straight month that the bank took steps to lower borrowing costs and expand money supply, despite the lingering effects of high inflation and alarming levels of household debt, as concerns grow about a faltering economy.