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S. Korean government mulls injecting extra $9bn to aid Q4 economy

Collected: 2016.10.07

Distributed: 2016.10.10

Source: Go Direct

The South Korean government is mulling to inject extra 10 trillion won ($8.9 billion) on top of 11 trillion won supplementary budget over the remaining year in hopes to accelerate the fourth-quarter economy and meet this year’s full-year growth target of 2.8 percent.

Domestic demand deteriorated as exports have remained depressed throughout the year. Both the domestic and trade front received further setbacks from global recall on Samsung Electronics’ Galaxy Note7 phones and delayed shipment from strikes, troubles at Hanjin Shipping and powerful earthquakes and typhoon.

The times have become dire as to demand urgent actions as “squeezing out from a dry towel” said deputy prime minister and finance minister Yoo Il-ho in a cabinet meeting on economic affairs.

The government mulls policy funding of more than 10 trillion won to aid the economy.

Spending of about 16.6 trillion won including supplementary budget, would be carried out in the fourth quarter. Separately the government plans to strengthen public funding through increased subsidies to local governments and public institutions. It will also arrange export financing of $3 billion and 500 billion won worth corporate promotion program.

By Kim Gyu-sik

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