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South Korea Unveils $10b Stimulus

South Korea Unveils $10b StimulusSouth Korea Unveils $10b Stimulus

South Korea launched on Monday a $10 billion stimulus package to create jobs and bolster welfare programs in the country faced with slow growth and ageing population, AFP reported. The 11.2-trillion won ($9.83 billion) plan is the first since Moon Jae-In was elected president of Asia’s fourth-largest economy last month and the finance ministry said it will be mostly funded by tax revenue rather than issuing state bonds. Under the proposals, Seoul will spend 4.2 trillion won to help create 110,000 jobs—including 71,000 in the public sector—while seven trillion won will be set aside for welfare for the elderly, working mothers and low-income households.

 

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