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But Bank of Korea director-general Kim Young-bae said it is too soon to say that the economic slowdown has bottomed out. The central bank kept its policy rate steady at 2.75 percent for a third month in January rather than cutting it, partly because the economy is expected to get a boost from front-loading of government spending in the next few months. The government of president-elect Park Geun-hye, who takes office in February, is planning to spend about 70 percent of the government's annual budget during the first half of this year to aid the recovery.
[Associated
Press;
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