---
title: "Bank of Korea meeting minutes: Officials believe it is necessary to respond quickly to the economic slowdown"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/222541072.md"
description: "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"
datetime: "2024-12-17T10:17:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/222541072.md)
  - [en](https://longbridge.com/en/news/222541072.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/222541072.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/222541072.md) | [繁體中文](https://longbridge.com/zh-HK/news/222541072.md)


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

According to the Zhitong Finance APP, the minutes released on Tuesday show that members of the Bank of Korea's monetary policy committee believe it is necessary to respond quickly and proactively to the economic slowdown, deciding to implement a second consecutive interest rate cut at the meeting on November 28. One committee member stated, "There is a sense of urgency to proactively address the downward pressure on the economy at this time." The member added, "Since relying solely on interest rate cuts is insufficient to control the current risks, timely and flexible policy coordination with fiscal policy is urgently needed."

Another committee member remarked, "In light of the increasing domestic and global uncertainties, monetary policy should closely examine the nature and impact of economic shocks and respond swiftly and flexibly."

Last month, the Bank of Korea's committee members voted 5 to 2 to lower the interest rate by 25 basis points to 3.00%, marking the first consecutive rate cuts since 2009, contrary to market expectations of maintaining the interest rate.

Officials opposing this decision stated that a more prudent approach would be to assess the impact of Trump's victory in the U.S. presidential election on South Korea's domestic situation and the response of the foreign exchange market before taking action.

The latest forecasts from the Bank of Korea indicate that the growth rate of the South Korean economy is expected to decline from 2.2% in 2024 to 1.9% in 2025 and 1.8% in 2026

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