South Korea plans huge spending to revive economy
AFP, Seoul
The South Korean government is preparing a huge "New Deal" spending package in the next few years to revive the country's sagging economy, Yonhap news agency said Sunday. Some 10 trillion won (nine billion dollars) would be pumped into the stimulus package unveiled at a closed-door workshop attended by key economic officials and ruling party lawmakers, Yonhap said. An expanded state budget and private funds are to finance new highways or housing planned over the next few years, it said. Various government records will be pooled in databases to boost the information and technology industry in the stimulus package, reminiscent of the US "New Deal" economic initiatives in the 1930s. Yonhap said the commerce, industry and energy ministry suggested a 7.2-trillion-won spending project while the information and communications ministry put forward a separate two-trillion-won plan during the seminar.
| 
