Posted by Pin-Yu Liao
South Korea plans to spend a record 17.7 trillion won ($13 billion) on cash handouts, cheap loans, infrastructure and job training to revive an economy on the brink of its first recession in more than a decade.
The stimulus will boost economic growth by 1.5 percentage points and help create 552,000 new jobs, the finance ministry said in Gwacheon today. The package, equivalent to 1.9 percent of gross domestic product, is more than double the spending in 1998 during the Asian financial crisis.
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