South Korea announced a stimulus package of 11.7 trillion won ($9.8 billion) on ...
SEOUL - South Korea announced a stimulus package of 11.7 trillion won on Wednesday to cushion the impact of the largest outbreak of coronavirus outside China as efforts to contain the disease worsen supply disruptions and sap consumption.
“As we understand that the economy is in a state of emergency, we are putting all our policy focus on minimizing the economic fallout, especially for the vulnerable sectors, small- to medium-sized businesses and self-employed people,” Hong told a news conference. About a dozen brokerages from BofA Securities, Capital Economics to Goldman Sachs now see South Korea growing at a slower pace than last year’s paltry 2.0%, which was the worst growth since the global financial crisis.
The government aims to present a finalised supplementary budget to the National Assembly on Thursday.
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