The governor of South Korea’s central bank has said economic stimulus measures are “urgently needed”, but warned that rate cuts on their own would not be enough to provide the necessary boost.

In an address today (June 12) marking the Bank of Korea’s 75th anniversary, Rhee Chang-yong said international and domestic instability had resulted in the lowest growth projections for the domestic economy – outside of major crisis periods – for three decades. US trade policies had harmed exports, and the