South Korea launches USD 10 bln fiscal stimulus package - RTRS

South Korea's new government, led by Moon, announced a 11.2 trillion won ($10 billion) fiscal stimulus package on Monday, as cited by Reuters.

Key Points:

The stimulus package allocates 5.4 trillion won to create public sector and social services jobs, including places for fire fighters, teachers and postal workers

Another 2.3 trillion won will be used to provide subsidies for maternity leave and for elderly people needing medical care

The government estimates the extra spending will boost economic growth by 0.2 percentage point this year, which may raise its 2017 outlook from current 2.6%

It expects to the extra budget to add 71,000 jobs to the public sector workforce and 15,000 jobs to the private sector