After much anticipation, South Korea informed that it had prepared a 17.3 trillion won ($15.4 billion) extra budget aimed at spurring its recently fragile economy. Indeed, the Asia’s fourth economy has lately witnessed a slowdown in its economy due to the weakness of yen and escalating North Korean threats. All recent initiatives of the South Korean government are designed to boost the country’s economy and support its exporters.
As it was widely anticipated, South Korea revised down its growth forecast for 2013 as the country’s exports suffered from decreasing global demand and the weakening yen. Moreover, the government of South Korea plans further stimulus to revive the economy.