outh Korea on Wednesday unveiled a stimulus package, including an extra six trillion won (US$4.94 billion) in public spending, to bolster an economy struggling with falling exports and high youth unemployment.
The package, announced by the finance ministry, came as Asia’s fourth-largest economy in Asia saw its exports plunge 18.5% on-year in January - the sharpest decline for more than six years.
Exports account for more than 50% of the country’s GDP, according to the World Bank.
“The government will mobilise all available means and resources in order to boost domestic consumption and exports in the first quarter to March and to help create new jobs,” the ministry said in a press statement.
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The package, announced by the finance ministry, came as Asia’s fourth-largest economy in Asia saw its exports plunge 18.5% on-year in January - the sharpest decline for more than six years.
Exports account for more than 50% of the country’s GDP, according to the World Bank.
“The government will mobilise all available means and resources in order to boost domestic consumption and exports in the first quarter to March and to help create new jobs,” the ministry said in a press statement.
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