South Korea Tuesday unveiled a new stimulus package worth more than 16.9 billion US dollars in the second half of this year as Brexit threatens to hurt exports further and delay its economic recovery.
The package, presented at an economic meeting chaired by President Park Geun-hye, included some 10 trillion won ($8.46 billion ) in extra budget, the presidential office said in a statement. The government's total extra spending for the economy in the second half stands at more than 20 trillion won.
Policymakers have pledged more fiscal spending and a quick injection of liquidity into financial markets to neutralize the shockwave from Britain's withdrawal from the European Union.
There have been growing public fears in South Korea that Brexit will further endanger the fragile economy, which has been reeling under sluggish exports, weak domestic demand, and sweeping corporate restructuring.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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