SKorea plans $29b virus stimulus

4 June, 2020 12:00 AM printer

SEOUL: The South Korean government on Wednesday proposed its biggest stimulus package yet as it seeks to prop up an economy dragged down by the coronavirus pandemic.

The virus has already thrust the world's 12th-largest economy into a 1.3-percent quarter-on-quarter contraction in the January-March period, the biggest drop in gross domestic product since the 2008 global financial crisis, reports AFP.

The 35.3 trillion won ($29 billion) package is the third announced by the government of Moon Jae-in in response to the virus, after boosts of 11.7 and 12.2 trillion won in March and April. It is highly likely to be passed by parliament, where Moon's Democratic party has an overall majority.