South Korea plans 17.3tln won stimulus package

Editorial Team
Editorial Team
S Korea plans 17.3tln won stimulus package

South Korea has unveiled a 17.3 trillion won stimulus plan designed to boost its economy and growth prospects, its Finance Ministry said on Tuesday.

The funds will be used to cover a tax revenue shortfall, aid small and medium-sized exporters, create jobs, boost a stagnant property market and cover a shortfall in tax revenue.

It is expected to help boost annual growth by 0.3 percentage points this year and create 40,000 jobs.

The plan will be submitted to parliament on Thursday.

Last month, the ministry cut its forecast for the country’s economic growth the current year.

It said it expects the economy to grow by 2.3 percent in 2013, down from its earlier projection of three percent.

The ministry blamed the Japanese yen’s slide that is hurting South Korean exporters, weak consumer sentiment and sluggish capital investment.

South Korea has Asia’s fourth largest economy.

Image: © Getty

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The Editorial team at APAC Outlook Magazine is a team of professional in-house editors led by Jack Salter, Head of Editorial at Outlook Publishing.