Skip to Content Facebook Feature Image

AP Week in Pictures: Global

News

AP Week in Pictures: Global
News

News

AP Week in Pictures: Global

2024-10-11 13:19 Last Updated At:13:31

Oct. 4 - 10, 2024

People across the world marked the one-year anniversary of the Oct. 7 Hamas attack on Israel.

More Images
Indian nursing students wearing black ribbon over their eyes, walk with blind children during a rally on World Sight Day in Prayagraj, Uttar Pradesh, India, Thursday, Oct. 10, 2024. (AP Photo/Rajesh Kumar Singh)

Indian nursing students wearing black ribbon over their eyes, walk with blind children during a rally on World Sight Day in Prayagraj, Uttar Pradesh, India, Thursday, Oct. 10, 2024. (AP Photo/Rajesh Kumar Singh)

People take photos of the spray from waves crashing against the Malecon seawall, brought by the passing of Hurricane Milton in the Gulf of Mexico, in Havana, Cuba, Wednesday, Oct. 9, 2024. (AP Photo/Ramon Espinosa)

People take photos of the spray from waves crashing against the Malecon seawall, brought by the passing of Hurricane Milton in the Gulf of Mexico, in Havana, Cuba, Wednesday, Oct. 9, 2024. (AP Photo/Ramon Espinosa)

Siblings Saboria, 4, left, and Messiah Tyler, 3, nap in the backseat of a car after the roof was torn off the home where they lived with their mom, grandparents, an aunt and an uncle during the passage of Hurricane Milton, in Palmetto, Fla., Thursday, Oct. 10, 2024. (AP Photo/Rebecca Blackwell)

Siblings Saboria, 4, left, and Messiah Tyler, 3, nap in the backseat of a car after the roof was torn off the home where they lived with their mom, grandparents, an aunt and an uncle during the passage of Hurricane Milton, in Palmetto, Fla., Thursday, Oct. 10, 2024. (AP Photo/Rebecca Blackwell)

An aerial view shows the area destroyed by a landslide in Donja Jablanica, Bosnia, Saturday, Oct. 5, 2024. (AP Photo/Armin Durgut)

An aerial view shows the area destroyed by a landslide in Donja Jablanica, Bosnia, Saturday, Oct. 5, 2024. (AP Photo/Armin Durgut)

A car is submerged in flood water at an apartment complex in the aftermath of Hurricane Milton, Thursday, Oct. 10, 2024, in Clearwater, Fla. (AP Photo/Mike Stewart)

A car is submerged in flood water at an apartment complex in the aftermath of Hurricane Milton, Thursday, Oct. 10, 2024, in Clearwater, Fla. (AP Photo/Mike Stewart)

Susana Ortiz fills out sand bags on the beach at the Davis Islands Yacht Basin as she prepares for the arrival of Hurricane Milton, Tuesday, Oct. 8, 2024, in Tampa, Fla. (AP Photo/Julio Cortez)

Susana Ortiz fills out sand bags on the beach at the Davis Islands Yacht Basin as she prepares for the arrival of Hurricane Milton, Tuesday, Oct. 8, 2024, in Tampa, Fla. (AP Photo/Julio Cortez)

Members of "Moixiganguers d'Igualada" form a "Castell" or human tower, during the 29th Human Tower Competition in Tarragona, Spain, Sunday, Oct. 6, 2024. (AP Photo/Emilio Morenatti)

Members of "Moixiganguers d'Igualada" form a "Castell" or human tower, during the 29th Human Tower Competition in Tarragona, Spain, Sunday, Oct. 6, 2024. (AP Photo/Emilio Morenatti)

Victor Ambros, 2024 Nobel Prize winner in physiology or medicine, and professor of natural science at the University of Massachusetts Medical School, right, hugs colleague Allan Jacobson, at the school, in Worcester, Mass. Monday, Oct. 7, 2024. (AP Photo/Steven Senne)

Victor Ambros, 2024 Nobel Prize winner in physiology or medicine, and professor of natural science at the University of Massachusetts Medical School, right, hugs colleague Allan Jacobson, at the school, in Worcester, Mass. Monday, Oct. 7, 2024. (AP Photo/Steven Senne)

Republican presidential nominee former President Donald Trump departs after speaking at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)

Republican presidential nominee former President Donald Trump departs after speaking at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)

President Joe Biden, standing with White House press secretary Karine Jean-Pierre, speaks during a surprise appearance to take questions during the daily briefing at the White House in Washington, Friday, Oct. 4, 2024. (AP Photo/Susan Walsh)

President Joe Biden, standing with White House press secretary Karine Jean-Pierre, speaks during a surprise appearance to take questions during the daily briefing at the White House in Washington, Friday, Oct. 4, 2024. (AP Photo/Susan Walsh)

Democratic presidential nominee Vice President Kamala Harris speaks during an event at the Redford Township Fire Department North Station in Redford Township, Mich., Friday, Oct. 4, 2024. (AP Photo/Mark Schiefelbein)

Democratic presidential nominee Vice President Kamala Harris speaks during an event at the Redford Township Fire Department North Station in Redford Township, Mich., Friday, Oct. 4, 2024. (AP Photo/Mark Schiefelbein)

Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)

Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)

From left, Singapore's Prime Minister Lawrence Wong, Thailand's Prime Minister Paetongtarn Shinawatra, Vietnam's Prime Minister Pham Minh Chinh, Japanese Prime Minister Shigeru Ishiba, Laos' Prime Minister Sonexay Siphandone, and Malaysia's Prime Minister Anwar Ibrahim hold hands for a photo session during the 27th Association of Southeast Asian Nations (ASEAN)-Japan Summit in Vientiane, Laos, Thursday, Oct. 10, 2024. (AP Photo/Dita Alangkara)

From left, Singapore's Prime Minister Lawrence Wong, Thailand's Prime Minister Paetongtarn Shinawatra, Vietnam's Prime Minister Pham Minh Chinh, Japanese Prime Minister Shigeru Ishiba, Laos' Prime Minister Sonexay Siphandone, and Malaysia's Prime Minister Anwar Ibrahim hold hands for a photo session during the 27th Association of Southeast Asian Nations (ASEAN)-Japan Summit in Vientiane, Laos, Thursday, Oct. 10, 2024. (AP Photo/Dita Alangkara)

People displaced by armed attacks receive food from a nongovernmental organization in Saint-Marc, Haiti, Sunday, Oct. 6, 2024. (AP Photo/Odelyn Joseph)

People displaced by armed attacks receive food from a nongovernmental organization in Saint-Marc, Haiti, Sunday, Oct. 6, 2024. (AP Photo/Odelyn Joseph)

Pope Francis meets Spain's faithful at the end of his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, Oct. 9, 2024. (AP Photo/Andrew Medichini)

Pope Francis meets Spain's faithful at the end of his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, Oct. 9, 2024. (AP Photo/Andrew Medichini)

A family member mourns during the cremation ceremony for victims of a school bus fire, at Wat Khao Phraya Sangkharam School, Lan Sak, Uthai Thani province, Thailand, Tuesday, Oct. 8, 2024. (AP Photo/Chatkla Samnaingjam)

A family member mourns during the cremation ceremony for victims of a school bus fire, at Wat Khao Phraya Sangkharam School, Lan Sak, Uthai Thani province, Thailand, Tuesday, Oct. 8, 2024. (AP Photo/Chatkla Samnaingjam)

Models display creations by Russian designer Alena Nega during the Moscow Fashion Week in Moscow, Russia, Monday, Oct. 7, 2024. (AP Photo/Pavel Bednyakov)

Models display creations by Russian designer Alena Nega during the Moscow Fashion Week in Moscow, Russia, Monday, Oct. 7, 2024. (AP Photo/Pavel Bednyakov)

Ukrainian servicemen of the Azov brigade light flares during the funeral ceremony of fallen comrade Ihor Kusochek, in Travkine, Chernihiv region, Ukraine, Friday Oct. 4, 2024. (AP Photo/Evgeniy Maloletka)

Ukrainian servicemen of the Azov brigade light flares during the funeral ceremony of fallen comrade Ihor Kusochek, in Travkine, Chernihiv region, Ukraine, Friday Oct. 4, 2024. (AP Photo/Evgeniy Maloletka)

A man looks at destroyed buildings hit by Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Monday, Oct. 7, 2024. (AP Photo/Hussein Malla,)

A man looks at destroyed buildings hit by Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Monday, Oct. 7, 2024. (AP Photo/Hussein Malla,)

A Turkish military person carries a child on board of a Turkish military ship as he and hundreds of people, mostly Turkish citizens, are evacuated from Lebanon to Turkey, in Beirut port, on Thursday, Oct. 10, 2024. (AP Photo/Emrah Gurel)

A Turkish military person carries a child on board of a Turkish military ship as he and hundreds of people, mostly Turkish citizens, are evacuated from Lebanon to Turkey, in Beirut port, on Thursday, Oct. 10, 2024. (AP Photo/Emrah Gurel)

People run for cover as a siren sounds a warning of incoming missiles fired from Yemen, in Ramat Gan, Israel, Monday, Oct. 7, 2024. (AP Photo/Oded Balilty)

People run for cover as a siren sounds a warning of incoming missiles fired from Yemen, in Ramat Gan, Israel, Monday, Oct. 7, 2024. (AP Photo/Oded Balilty)

People gather for a candlelight vigil at the UCLA campus on the one-year anniversary of the Hamas attack on Israel, Monday, Oct. 7, 2024, in Los Angeles. (AP Photo/Ethan Swope)

People gather for a candlelight vigil at the UCLA campus on the one-year anniversary of the Hamas attack on Israel, Monday, Oct. 7, 2024, in Los Angeles. (AP Photo/Ethan Swope)

Palestinians mourn as they carry the body of a relative killed in the Israeli bombardment of the Gaza Strip at a hospital in Deir al-Balah, Tuesday, Oct. 8, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians mourn as they carry the body of a relative killed in the Israeli bombardment of the Gaza Strip at a hospital in Deir al-Balah, Tuesday, Oct. 8, 2024. (AP Photo/Abdel Kareem Hana)

Flames and smoke rise from an Israeli airstrike in Dahiyeh, Beirut, Lebanon, Sunday, Oct. 6, 2024. (AP Photo/Bilal Hussein)

Flames and smoke rise from an Israeli airstrike in Dahiyeh, Beirut, Lebanon, Sunday, Oct. 6, 2024. (AP Photo/Bilal Hussein)

People visit the site of the Nova music festival, where hundreds of revelers were killed and abducted by Hamas and taken into Gaza, on the one-year anniversary of the attack, near Kibbutz Reim, southern Israel, Monday, Oct. 7, 2024. (AP Photo/Ariel Schalit)

People visit the site of the Nova music festival, where hundreds of revelers were killed and abducted by Hamas and taken into Gaza, on the one-year anniversary of the attack, near Kibbutz Reim, southern Israel, Monday, Oct. 7, 2024. (AP Photo/Ariel Schalit)

Family members cremated the victims of a school bus fire in Uthai Thani province, Thailand.

A landslide destroyed vast areas in Donja Jablanica, Bosnia.

Elon Musk jumped on the stage as Republican presidential nominee former President Donald Trump spoke at a campaign rally in Butler, Pennsylvania.

This photo gallery highlights some of the most compelling images from around the world made or published by The Associated Press in the past week.

The selection was curated by AP photo editor Subramoney Iyer in New Delhi.

Follow AP visual journalism:

AP Images blog: http://apimagesblog.com

Instagram: https://www.instagram.com/apnews

AP Images on X: http://twitter.com/AP_Images

Indian nursing students wearing black ribbon over their eyes, walk with blind children during a rally on World Sight Day in Prayagraj, Uttar Pradesh, India, Thursday, Oct. 10, 2024. (AP Photo/Rajesh Kumar Singh)

Indian nursing students wearing black ribbon over their eyes, walk with blind children during a rally on World Sight Day in Prayagraj, Uttar Pradesh, India, Thursday, Oct. 10, 2024. (AP Photo/Rajesh Kumar Singh)

People take photos of the spray from waves crashing against the Malecon seawall, brought by the passing of Hurricane Milton in the Gulf of Mexico, in Havana, Cuba, Wednesday, Oct. 9, 2024. (AP Photo/Ramon Espinosa)

People take photos of the spray from waves crashing against the Malecon seawall, brought by the passing of Hurricane Milton in the Gulf of Mexico, in Havana, Cuba, Wednesday, Oct. 9, 2024. (AP Photo/Ramon Espinosa)

Siblings Saboria, 4, left, and Messiah Tyler, 3, nap in the backseat of a car after the roof was torn off the home where they lived with their mom, grandparents, an aunt and an uncle during the passage of Hurricane Milton, in Palmetto, Fla., Thursday, Oct. 10, 2024. (AP Photo/Rebecca Blackwell)

Siblings Saboria, 4, left, and Messiah Tyler, 3, nap in the backseat of a car after the roof was torn off the home where they lived with their mom, grandparents, an aunt and an uncle during the passage of Hurricane Milton, in Palmetto, Fla., Thursday, Oct. 10, 2024. (AP Photo/Rebecca Blackwell)

An aerial view shows the area destroyed by a landslide in Donja Jablanica, Bosnia, Saturday, Oct. 5, 2024. (AP Photo/Armin Durgut)

An aerial view shows the area destroyed by a landslide in Donja Jablanica, Bosnia, Saturday, Oct. 5, 2024. (AP Photo/Armin Durgut)

A car is submerged in flood water at an apartment complex in the aftermath of Hurricane Milton, Thursday, Oct. 10, 2024, in Clearwater, Fla. (AP Photo/Mike Stewart)

A car is submerged in flood water at an apartment complex in the aftermath of Hurricane Milton, Thursday, Oct. 10, 2024, in Clearwater, Fla. (AP Photo/Mike Stewart)

Susana Ortiz fills out sand bags on the beach at the Davis Islands Yacht Basin as she prepares for the arrival of Hurricane Milton, Tuesday, Oct. 8, 2024, in Tampa, Fla. (AP Photo/Julio Cortez)

Susana Ortiz fills out sand bags on the beach at the Davis Islands Yacht Basin as she prepares for the arrival of Hurricane Milton, Tuesday, Oct. 8, 2024, in Tampa, Fla. (AP Photo/Julio Cortez)

Members of "Moixiganguers d'Igualada" form a "Castell" or human tower, during the 29th Human Tower Competition in Tarragona, Spain, Sunday, Oct. 6, 2024. (AP Photo/Emilio Morenatti)

Members of "Moixiganguers d'Igualada" form a "Castell" or human tower, during the 29th Human Tower Competition in Tarragona, Spain, Sunday, Oct. 6, 2024. (AP Photo/Emilio Morenatti)

Victor Ambros, 2024 Nobel Prize winner in physiology or medicine, and professor of natural science at the University of Massachusetts Medical School, right, hugs colleague Allan Jacobson, at the school, in Worcester, Mass. Monday, Oct. 7, 2024. (AP Photo/Steven Senne)

Victor Ambros, 2024 Nobel Prize winner in physiology or medicine, and professor of natural science at the University of Massachusetts Medical School, right, hugs colleague Allan Jacobson, at the school, in Worcester, Mass. Monday, Oct. 7, 2024. (AP Photo/Steven Senne)

Republican presidential nominee former President Donald Trump departs after speaking at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)

Republican presidential nominee former President Donald Trump departs after speaking at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)

President Joe Biden, standing with White House press secretary Karine Jean-Pierre, speaks during a surprise appearance to take questions during the daily briefing at the White House in Washington, Friday, Oct. 4, 2024. (AP Photo/Susan Walsh)

President Joe Biden, standing with White House press secretary Karine Jean-Pierre, speaks during a surprise appearance to take questions during the daily briefing at the White House in Washington, Friday, Oct. 4, 2024. (AP Photo/Susan Walsh)

Democratic presidential nominee Vice President Kamala Harris speaks during an event at the Redford Township Fire Department North Station in Redford Township, Mich., Friday, Oct. 4, 2024. (AP Photo/Mark Schiefelbein)

Democratic presidential nominee Vice President Kamala Harris speaks during an event at the Redford Township Fire Department North Station in Redford Township, Mich., Friday, Oct. 4, 2024. (AP Photo/Mark Schiefelbein)

Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)

Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)

From left, Singapore's Prime Minister Lawrence Wong, Thailand's Prime Minister Paetongtarn Shinawatra, Vietnam's Prime Minister Pham Minh Chinh, Japanese Prime Minister Shigeru Ishiba, Laos' Prime Minister Sonexay Siphandone, and Malaysia's Prime Minister Anwar Ibrahim hold hands for a photo session during the 27th Association of Southeast Asian Nations (ASEAN)-Japan Summit in Vientiane, Laos, Thursday, Oct. 10, 2024. (AP Photo/Dita Alangkara)

From left, Singapore's Prime Minister Lawrence Wong, Thailand's Prime Minister Paetongtarn Shinawatra, Vietnam's Prime Minister Pham Minh Chinh, Japanese Prime Minister Shigeru Ishiba, Laos' Prime Minister Sonexay Siphandone, and Malaysia's Prime Minister Anwar Ibrahim hold hands for a photo session during the 27th Association of Southeast Asian Nations (ASEAN)-Japan Summit in Vientiane, Laos, Thursday, Oct. 10, 2024. (AP Photo/Dita Alangkara)

People displaced by armed attacks receive food from a nongovernmental organization in Saint-Marc, Haiti, Sunday, Oct. 6, 2024. (AP Photo/Odelyn Joseph)

People displaced by armed attacks receive food from a nongovernmental organization in Saint-Marc, Haiti, Sunday, Oct. 6, 2024. (AP Photo/Odelyn Joseph)

Pope Francis meets Spain's faithful at the end of his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, Oct. 9, 2024. (AP Photo/Andrew Medichini)

Pope Francis meets Spain's faithful at the end of his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, Oct. 9, 2024. (AP Photo/Andrew Medichini)

A family member mourns during the cremation ceremony for victims of a school bus fire, at Wat Khao Phraya Sangkharam School, Lan Sak, Uthai Thani province, Thailand, Tuesday, Oct. 8, 2024. (AP Photo/Chatkla Samnaingjam)

A family member mourns during the cremation ceremony for victims of a school bus fire, at Wat Khao Phraya Sangkharam School, Lan Sak, Uthai Thani province, Thailand, Tuesday, Oct. 8, 2024. (AP Photo/Chatkla Samnaingjam)

Models display creations by Russian designer Alena Nega during the Moscow Fashion Week in Moscow, Russia, Monday, Oct. 7, 2024. (AP Photo/Pavel Bednyakov)

Models display creations by Russian designer Alena Nega during the Moscow Fashion Week in Moscow, Russia, Monday, Oct. 7, 2024. (AP Photo/Pavel Bednyakov)

Ukrainian servicemen of the Azov brigade light flares during the funeral ceremony of fallen comrade Ihor Kusochek, in Travkine, Chernihiv region, Ukraine, Friday Oct. 4, 2024. (AP Photo/Evgeniy Maloletka)

Ukrainian servicemen of the Azov brigade light flares during the funeral ceremony of fallen comrade Ihor Kusochek, in Travkine, Chernihiv region, Ukraine, Friday Oct. 4, 2024. (AP Photo/Evgeniy Maloletka)

A man looks at destroyed buildings hit by Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Monday, Oct. 7, 2024. (AP Photo/Hussein Malla,)

A man looks at destroyed buildings hit by Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Monday, Oct. 7, 2024. (AP Photo/Hussein Malla,)

A Turkish military person carries a child on board of a Turkish military ship as he and hundreds of people, mostly Turkish citizens, are evacuated from Lebanon to Turkey, in Beirut port, on Thursday, Oct. 10, 2024. (AP Photo/Emrah Gurel)

A Turkish military person carries a child on board of a Turkish military ship as he and hundreds of people, mostly Turkish citizens, are evacuated from Lebanon to Turkey, in Beirut port, on Thursday, Oct. 10, 2024. (AP Photo/Emrah Gurel)

People run for cover as a siren sounds a warning of incoming missiles fired from Yemen, in Ramat Gan, Israel, Monday, Oct. 7, 2024. (AP Photo/Oded Balilty)

People run for cover as a siren sounds a warning of incoming missiles fired from Yemen, in Ramat Gan, Israel, Monday, Oct. 7, 2024. (AP Photo/Oded Balilty)

People gather for a candlelight vigil at the UCLA campus on the one-year anniversary of the Hamas attack on Israel, Monday, Oct. 7, 2024, in Los Angeles. (AP Photo/Ethan Swope)

People gather for a candlelight vigil at the UCLA campus on the one-year anniversary of the Hamas attack on Israel, Monday, Oct. 7, 2024, in Los Angeles. (AP Photo/Ethan Swope)

Palestinians mourn as they carry the body of a relative killed in the Israeli bombardment of the Gaza Strip at a hospital in Deir al-Balah, Tuesday, Oct. 8, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians mourn as they carry the body of a relative killed in the Israeli bombardment of the Gaza Strip at a hospital in Deir al-Balah, Tuesday, Oct. 8, 2024. (AP Photo/Abdel Kareem Hana)

Flames and smoke rise from an Israeli airstrike in Dahiyeh, Beirut, Lebanon, Sunday, Oct. 6, 2024. (AP Photo/Bilal Hussein)

Flames and smoke rise from an Israeli airstrike in Dahiyeh, Beirut, Lebanon, Sunday, Oct. 6, 2024. (AP Photo/Bilal Hussein)

People visit the site of the Nova music festival, where hundreds of revelers were killed and abducted by Hamas and taken into Gaza, on the one-year anniversary of the attack, near Kibbutz Reim, southern Israel, Monday, Oct. 7, 2024. (AP Photo/Ariel Schalit)

People visit the site of the Nova music festival, where hundreds of revelers were killed and abducted by Hamas and taken into Gaza, on the one-year anniversary of the attack, near Kibbutz Reim, southern Israel, Monday, Oct. 7, 2024. (AP Photo/Ariel Schalit)

Next Article

South Korea's central bank cuts rates in a bid to boost the economy

2024-10-11 13:26 Last Updated At:13:30

SEOUL, South Korea (AP) — South Korea’s central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a sluggish economy outweighed concerns about the country’s level of household debt.

The Bank of Korea lowered its key interest rate by a quarter percentage point to 3.25% following a meeting of its monetary policy committee, in its first move to lower borrowing costs since May 2020, when the economy was weathering the COVID-19 pandemic.

The bank raised the rate by a quarter percentage point in August 2021 over concerns about inflation and soaring household debt, driven in part by skyrocketing house prices, and then froze rates for over three years.

The bank said in a statement that domestic demand is making a slow recovery, bogging down the pace of economic growth. It said there was room for a rate cut because inflation is showing signs of stabilizing and household debt is also increasing more slowly as the housing market in the greater Seoul area cools down.

At a news conference, central bank Governor Rhee Chang-yong said there’s still capacity in the economy for additional cuts, pointing out that house prices in the capital area grew by two thirds less in September than in August. The country’s consumer price inflation also eased to 1.6% in September, below the policy target of 2%.

However, Rhee said it’s still too soon to conclude that the country’s financial situation is stabilizing and indicated that the bank would be conservative about further rate cuts.

“We will decide after monitoring the stability in financial markets,” said Lee. He said the bank’s latest step could be interpreted as a “hawkish cut,” meaning that it still favors tighter monetary conditions.

South Korea’s trade-dependent economy is facing increasing uncertainties, including the growing crisis in the Middle East that could potentially influence fuel prices, exchange rates and public utility prices, the bank said.

“The future path of economic growth is likely to be influenced by the pace of recovery in domestic demand, economic conditions in major countries and trends in information-technology exports,” the bank said.

“The growth in house prices in the metropolitan area and household debt is expected to gradually slow down due to the strengthening of macroprudential policies,” aimed at maintaining the stability of the financial system, the bank said.

“However, there’s still a need to monitor related risks, such as the impact the lowered base interest rate may have on household debt.”

The bank projects South Korea’s economy to grow at 2.4% this year, down from 2.6% in 2023.

Household loans were measured at around 1,135.7 trillion won ($841 billion) as of September, close to the size of the country’s gross domestic product. While the country’s exports have been gradually improving, job growth remains sluggish, due to weakness in construction industries and other sectors, the bank said.

The headline of this story has been edited to reflect that the central bank cut, not raised, its policy interest rate.

Bank of Korea Gov. Rhee Chang-yong speaks during a press conference at the central bank in Seoul, South Korea, Friday, Oct. 11, 2024. (AP Photo/Ahn Young-joon)

Bank of Korea Gov. Rhee Chang-yong speaks during a press conference at the central bank in Seoul, South Korea, Friday, Oct. 11, 2024. (AP Photo/Ahn Young-joon)

Recommended Articles