Editor's note: The Outlook series spotlights a country to give a deeper understanding of the business, industry and consumer trends that fuel its economy. While exploring the current challenges and opportunities facing a country's economic progress, Outlook also seeks to provide an insight into its future development.
(CNN) – South Korea on Thursday cut its benchmark interest rate for the first time in more than three years, fueling concerns that the global economic downturn is taking its toll on one of Asia's largest economies.
Seoul's move followed similar cuts in Europe, China and Brazil last week.
After lowering its rate by 25 basis point down to 3%, the Bank of Korea pointed to a slower-than-expected growth rate in trade and domestic consumption. FULL POST
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