South Korea's government announced a $15.3 billion stimulus plan Tuesday to boost slowing growth in Asia's fourth-largest economy. The stimulus would be South Korea's third-largest supplementary budget ever, exceeded only by those approved after the 1998 Asian financial crisis and the 2008 global financial turmoil when measured as a proportion of gross domestic product. The Ministry of Strategy and Finance said the budget will add 0.3 percentage point to growth this year and create 40,000 new jobs, according to a report of the Associated Press. A ministry statement said the budget will be used to cover a tax revenue shortfall, aid small and medium firms and boost the stagnant real estate market. It said it will submit the 17.3 trillion won ($15.3 billion) plan to parliament on Thursday.
