Seoul Does Stimulus With a Twist

For those feeling sympathy for the European Central Bank, which has pretty much been on its own in trying to stimulate demand in the absence of government fiscal policy and investment, a ray of hope emerged. In Korea.

South Korea is not doing badly, mind you. The country is a member of the Organization for Economic Cooperation and Development, a grouping of advanced economies, with a per capita gross domestic product similar to that of the European Union average. Last year, it enjoyed growth of 2.7 percent of gross domestic product with an unemployment rate of 3.8 percent.