South Korea Unveils $62 Billion ‘New Deal’ to Reshape Post-Virus Economy
- Government sees economy ekeing out 0.1% growth in 2020
- Korea plans to spend 76 tln won by 2025 on its ‘New Deal’ plan
A worker sprays disinfectant outside a high school in the Dongjak district of Seoul, on May 29.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
The South Korean government unveiled a 76 trillion won ($62 billion) ‘New Deal’ spending plan to reshape the economy in the aftermath of the pandemic after slashing its growth forecast for the year.
The plan, first outlined by President Moon Jae-in in April, aims to refocus the economy through 2025 by supporting job growth and new industries. It will partly be funded by a third extra budget now being drafted, according to a statement on the policy outlook for the second half.