South Korea leaves interest rates at record low
The central bank cited the uncertain outlook in the global economy as the main reason behind their rate decision. According to the bank, demand from China, which is South Korea’s main export destination, remains weak and the US Federal Reserve may increase rates at its monthly meeting in December.
In October, South Korea’s exports fell 15.8% from a year earlier, posting the biggest decline since 2009. In spite of this, South Korea’s economic growth accelerated to a five-year high in the third quarter, growing 1.2% on a seasonally adjusted basis after posting a growth rate of 0.3% in the previous quarter.
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