SEOUL (REUTERS) - South Korea unveiled on Wednesday (June 3) a 35.3 trillion won (S$40.2 billion) supplementary budget, to raise the total stimulus to 270 trillion won for an economy facing its worst growth since the 1998 Asian financial crisis due to the coronavirus pandemic.. Read more at straitstimes.com.
SEOUL - South Korea unveiled on Wednesday a 35.3 trillion won supplementary budget, to raise the total stimulus to 270 trillion won for an economy facing its worst growth since the 1998 Asian financial crisis due to the coronavirus pandemic.
Finance Minister Hong Nam Ki said the government had to look past concerns about taking the debt-to-GDP level higher, which is projected to increase to 43.5 per cent of the economy from just below 40 per cent before the outbreak. In addition to the earlier increases in fiscal stimulus by the government, Bank of Korea has cut key interest rates twice since March.
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