SEOUL South Korea unveiled on Wednesday a 35.3 trln won ($28.8 billion) supplementary budget, to raise the total stimulus to 270 trillion won for an economy facing its worst growth since the 1998 Asian financial crisis due to the coronavirus pandemic.
SEOUL South Korea unveiled on Wednesday a 35.3 trln won ($28.8 billion) supplementary budget, to raise the total stimulus to 270 trillion won for an economy facing its worst growth since the 1998 Asian financial crisis due to the coronavirus pandemic.
SEOUL South Korea on Monday cut its economic projections for this year to growth of just 0.1%, which would be the worst performance since the 1998 Asian financial crisis, as the coronavirus pandemic hit exports, consumption and corporate investment.
SEOUL South Korean exports tumbled in May for the third straight month, though at a slower pace, as extended global lockdown measures to contain the wider spread of the coronavirus weighed on worldwide demand.
SEOUL South Korea's central bank cut interest rates to a record low on Thursday as it warned the coronavirus pandemic would be worse for Asia's fourth-largest economy than the 2008 global financial crisis.
SEOUL South Korean exports for the first 20 days of May tumbled 20.3% from the same period a year earlier, as U.S.- and E.U.-bound shipments continued to collapse, highlighting the damage on global demand from the coronavirus pandemic.
* S.Korea's elderly disco-goers say they miss dancing, talking
SEOUL For years, Jeong Nam-poong has found entertainment at daytime discotheques called colatecs that cater to older folks, often losing track of time while dancing the jitterbug under fairy lights and mirror balls. | Video
SEOUL South Korea on Wednesday said the government and the central bank will set up a 10 trillion won ($8.2 billion) special purpose vehicle (SPV) to directly purchase commercial paper, to calm a local debt market hammered by the coronavirus pandemic.
SEOUL South Korea's unemployment rate was unchanged in April but the number of employed fell at its fastest in more than two decades, data showed on Wednesday, as efforts to contain the coronavirus pandemic shut businesses and cut social activity.
U.S. protesters ignored curfews overnight as they vented their anger over the death of an unarmed black man at the hands of police, but there was a marked drop in the violence that led President Donald Trump to threaten to deploy the military.