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South Korea’s central bank warned Wednesday that economic growth would be weaker than forecast after cutting its policy rate for the second time this year as a global downturn pummels exports and weighs on prices.

Wednesday’s rate cut comes amid a wave of rate cutting by central banks around the world to shore up growth, and highlights the sense of urgency at the Bank of Korea to prop up a sputtering economy, especially with consumer prices falling. The decision to lower the main policy rate to 1.25 percent, matching a previous record low, was forecast by 21 of 25 analysts surveyed by Bloomberg.

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