World Economy



South Korea’s central bank chief said on Monday the net effects of further interest-rate cuts on boosting consumer spending need to be reassessed partly due to heavy and rising household debt, local media reported. “We need to think if there would be counter-effects (from rate cuts) such as the effect on household debt,” the online edition of MoneyToday quoted Bank of Korea Lee Ju-yeol as telling reporters. MoneyToday said Lee maintained the central bank’s latest view that economic growth would reach 1% in the current quarter on a sequential basis. He was speaking to South Korean reporters on the sidelines of the Asian Development Bank meetings in Azerbaijan.