Business Maverick: South Korea, Indonesia Central Banks Cut Rut Rates, Follow Peers

“Many Asian economies are at the leading edge of the global industrial cycle and policy rate cuts across the region reveals expectations that the current export malaise will endure,” said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong.“The Bank of Korea and Bank Indonesia were among the last major central banks in Asia to join the easing club.

“The region is in need of macro policy support, both monetary and fiscal, to stabilize growth amid ongoing trade uncertainties,” said Juliana Lee, chief economist for Asia at Deutsche Bank.came as the central bank almost halved its growth forecast for the year to 0.6%. The MPC made it clear though that the move can only boost the economy if the government removes the underlying structural restraints.

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