South Korean Economy Expands at Fastest Pace in 7 Years

South Korea’s gross domestic product increased 2.9% from the second quarter, when it expanded 2.6%the fastest pace since the first quarter of 2002, reports Bloomberg.

 

According to Bloomberg, the country has led a regional rebound with China and Singapore, as companiesincluding Hyundai Motor Co. and Samsung Electronics Co.reported surging profits, boosted by exports. To cushion the economy from the global recession, the central bank cut interest rates to a record-low 2% while the government led spending.

 

The strengthening economy has fueled expectations that the central bank will raise rates as early as its next review of borrowing costs on 12 November, says Bloomberg, adding that it would be the first increase since August 2008.

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