The main reason for such a flurry of action, they add, is a backdrop of falling or low inflation which is highlighting the need to boost lackluster economic growth.
"I find it interesting that people say that these [rate cuts] are surprises and we heard that when it happened in Australia, when it happened in India, Indonesia and today in Korea," Joshua Crabb, head of Asian Equities at Old Mutual Global Investors, told CNBC Asia's "Squawk Box."
"But if we look at inflation, it is coming down dramatically, real rates are high and the economy is weak so it makes a lot of sense that we see these cuts and we will see that continue to happen," he said.
Thanks in part to the sharp fall in oil prices since last June, many economies are facing falling or low inflation rates.
Data on Thursday for instance, showed Spain's consumer price index rose to 0.2 percent in February from -1.6 percent the month before. In Indonesia, annual inflation stood at 6.29 percent last month, down from 6.96 in January.
"Fundamentally, the easing around the world is driven by inflation turning out lower across the board," Anatoli Annenkov, senior European economist at Societe General, told CNBC.
"There is a debate about currency wars, monetary easing to push currencies lower, but fundamentally this is a story about growth and inflation," he added.