South Korea unveils $14 bn stimulus package to spur growth
South Korea on Thursday announced a $14 billion stimulus package to boost its troubled economy, hammered by the deadly MERS outbreak which has dented consumer spending and business sentiment. In announcing the 15 trillion won 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. Finance Minister Choi Kyung-Hwan said the extra move was crucial as a recovery in Asia's fourth largest economy hinged on efforts to quickly contain the effects of Middle East Respiratory Syndrome.