S. Korea cuts growth outlook, holds interest rate at record low

South Korea's central bank on Thursday cut its economic growth forecast for the fourth time this year and left interest rates at a record low, as a lengthening export slump overshadowed a pick-up in domestic activity. "The local economy is expected to continue its recovery phase, centred around domestic consumption," Bank of Korea (BOK) governor Lee Ju-Yeol told reporters. The BOK shaved its economic growth forecast for this year to 2.7 percent, from the 2.8 percent it had predicted back in July