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Park-supplementary budget

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(Globalpost/GlobalPost)

SEOUL, April 3 (Yonhap) -- President Park Geun-hye ordered the government Wednesday to submit a supplementary budget to parliament as soon as possible to help bring vitality back to the slumping economy.

"Timing is especially important in economic policy," Park said during a finance ministry briefing. "We have to formulate a supplementary budget in order not to miss the right timing with a focus on creating jobs and stabilizing the livelihoods of ordinary people."

Park also instructed the government to step up legislation efforts for a recently announced package of real estate market stimulus measures and come up with measures to boost exports and investment.

Government officials have said South Korea's economy, Asia's fourth-largest, is in a worse situation than expected, with its gross domestic product growing less than 1 percent on-quarter for the seventh straight quarter, and exports, investment and consumption all remaining weak.

Last week, the government sharply lowered its economic growth outlook for this year to 2.3 percent from the previous 3 percent forecast due to toughened market conditions at home and abroad.

In efforts to tackle the situation, the government has said it will formulate an extra budget while front-loading more than 60 percent of its existing fiscal spending plans during the first half.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130402/park-supplementary-budget