South Korea’s central bank has lowered its key policy rate and says the country’s economy will grow at a slower pace than it initially anticipated.

South Korea's central bank unexpectedly cut interest rates by 25 basis points to 3.00% on Thursday, delivering its first back-to-back cuts since the global financial crisis of 2008-2009.

South Korea’s central bank unexpectedly cut its policy rate for a second straight time and lowered its growth forecasts as it looks to step up support for the sagging, trade-dependent economy as tariff risks loom large in the wake of the U.