SK injects more funds to tackle debt woes
Source: Agencies |
March 26, 2013, Tuesday
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Print Edition
Print Edition
SOUTH Korea's new government said yesterday it would inject an additional 300 billion won (US$268.01 million) to expand an existing fund to tackle the problem of household debt, an issue that it believes is shackling the economy's recovery.
This is the first major economic initiative from new President Park Geun-hye as she seeks to inject growth into an economy which expanded by just 1.5 percent in the fourth quarter of 2012 from a year before, close to its weakest levels since the 2008 global financial crisis.
Korea's debt levels are among the highest in the developed world at 156 percent of average annual disposable income in 2012 and act as a major drag on any boost to the domestic economy. The expanded 800 billion won (US$714.7 million) fund will launch on Friday.
This is the first major economic initiative from new President Park Geun-hye as she seeks to inject growth into an economy which expanded by just 1.5 percent in the fourth quarter of 2012 from a year before, close to its weakest levels since the 2008 global financial crisis.
Korea's debt levels are among the highest in the developed world at 156 percent of average annual disposable income in 2012 and act as a major drag on any boost to the domestic economy. The expanded 800 billion won (US$714.7 million) fund will launch on Friday.
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