World Economy

$13b S. Korea Stimulus Package

$13b S. Korea Stimulus Package$13b S. Korea Stimulus Package

South Korea announced a $13 billion stimulus package to revive the MERS-hit economy. The government package includes a supplementary budget and a cut in the growth forecast, CCTV reported. Finance Minister Choi Kyung-hwan says the MERS outbreak demanded immediate measures to combat weak growth. Officials say the MERS outbreak was likely to shave nearly 0.3 percentage points off economic growth, but with the help of the supplementary budget, this year’s expansion could reach 3.1%. Fresh data shows June consumer sentiment fell to a 2.5-year low.