The Bank of Korea decision comes after the economy shrank in the last three months of 2022—the first time since the second quarter of 2020 as the pandemic kicked in.It had hiked rates eight times since January 2022—with one pause in February—as it fought to curb rising prices, which surged last year after Russia’s invasion of Ukraine sent the cost of energy and food soaring.
The BOK said the economy had slowed because of weakening consumption and a continued decrease in exports.
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