South Korea on Wednesday unveiled a proposed 6.7 trillion won ($5.87 billion) su...
SEJONG, South Korea - South Korea on Wednesday unveiled a proposed 6.7 trillion won supplementary budget the government says is needed to tackle unprecedented air pollution levels and boost exports bruised by weak demand.
Finance Minister Hong Nam-ki said it would contribute to helping lift growth in Asia’s fourth-largest economy by 0.1 percentage point this year and add at least 73,000 jobs.“It is better than doing nothing to lift the growth in the second half, but both size-wise and content-wise, it won’t be a catalyst for economic recovery,” said Lee Sang-jae, chief economist at Eugene Investment.
The remaining 3.1 trillion won will come from above-target tax revenue collected in 2018 and funds that state-owned companies manage.
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