South Korea unveiled a $28.8 billion (35.3 trillion won) supplementary budget to raise the total stimulus to 270 trillion won for an economy facing its worst growth due to the Covid-19 pandemic.
In addition to protecting jobs, the latest stimulus budget aims to provide discount coupons to improve consumption and to direct more spending on the development of a vaccine for COVID-19. For small-to-medium-sized businesses hit by slumping sales, more loans will be provided.
South Korea trimmed its economic growth forecast this year to 0.1 percent, from 2.4 percent. The country’s central bank has cut key interest rates twice since March in addition to the earlier increases in fiscal stimulus by the government. For the third straight month in May, South Korea’s exports tumbled. Due to the global pandemic and simmering tensions between the US and China, the outlook for the trade-reliant economy is cast in doubt.
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Published on June 3, 2020 4:33 PM (GMT+8)Last Updated on June 3, 2020 4:33 PM (GMT+8)
