S Korea announces US$14b package to boost growth

Seoul

SOUTH Korea on Thursday announced a US$14 billion stimulus package to boost its troubled economy, hammered by the deadly Middle East Respiratory Syndrome (Mers) outbreak which has dented consumer spending and business sentiment.

In announcing the 15 trillion won (S$18 billion) programme - which follows a central bank interest rate cut to a record low this month - the finance ministry also slashed its growth outlook for this year.