South Korea Unveils $11 Billion Growth Plan as Economy Weakens
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South Korea unveiled 11.7 trillion won ($11.4 billion) in government initiatives to shore up Asia’s fourth-largest economy after growth slumped to the weakest pace in more than a year in the second quarter.
President Park Geun Hye’s administration, contending with a drop in consumer spending in the aftermath of an April ferry disaster, will deploy funds from this year’s budget and step up deployment of cash from government-run programs, it said in a statement today. State-backed lenders will extend 29 trillion won in credit. The Bank of Korea expanded a cheap-loan program for small companies.