Data released yesterday showed that exports, the main growth driver, grew at the slowest pace in 13 months in October, hit by falling demand from China.
Lee Myung-bak, the president who campaigned last year on a pledge to boost annual economic growth to 7 per cent, told a radio programme that the stimulus package would help assure growth of 4 per cent next year. The government says 200,000 jobs will be created.
The package includes an extra Won11,000bn ($8.7bn, €6.8bn, ￡5.5bn) in spending on infrastructure and measures to help out small businessmen and farmers, plus Won3,000bn in tax cuts.
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