S. Korea seeks additional 14 tln won spending to stimulate economy

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SEOUL, Nov. 3 (Yonhap) -- South Korea announced Monday that it will increase
government spending by 14 trillion won (US$10.76 billion) next year as part of
efforts to stimulate the slumping economy and help low-income households tide
over the current financial turmoil.
The amount included a 10 trillion won expansion in budget spending, tax
incentives and other economic stimulus measures, according to the Finance
Ministry.
The ministry forecast South Korea's economy to grow around 4 percent next year
considering those stimulus measures despite latest financial woes and growing
jitters over a global economic slowdown.
Earlier this month, the ministry sent a 274-trillion won budget plan for 2009 to
the National Assembly for approval on assumption that growth will be around 5
percent.
kokobj@yna.co.kr
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