Bank of Korea meeting minutes: Officials believe it is necessary to respond quickly to the economic slowdown

The minutes of the Bank of Korea's meeting show that members of the monetary policy committee believe that a swift response to the economic slowdown is necessary, and they decided to cut interest rates for the second consecutive time at the meeting on November 28. Committee members pointed out that relying solely on interest rate cuts is insufficient to address risks and that coordination with fiscal policy is needed. Last month, the committee voted 5 to 2 to lower the interest rate by 25 basis points to 3.00%, marking the first consecutive rate cuts since 2009. The latest forecasts indicate that South Korea's economic growth rate will decline year by year