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South Korea Plans to Spur 2015 Public Spending

Posted September 18, 2014

Under Economic Issues, International Trade Issues

(RTT News)

The South Korean government said Thursday it will increase the budget spending next year and run a wider fiscal deficit than expected to bolster economic growth that faces challenges from slow global recovery and weak domestic demand.

Government spending will rise by 5.7% to KRW 376 trillion the next year, the finance ministry said in its budget proposals. The estimated spending growth is higher than the 4% projected for 2014 and will lift the 2015 fiscal deficit to 2.1% of gross domestic product. Read more here.