KONTAN.CO.ID - SEOUL (Reuters) - South Korea's government told state enterprises on Wednesday to spend 1 trillion won ($824.63 million) more than they had planned for the rest of the year to support cooling private sector activity. Finance Minister Hong Nam-ki told heads of the country's 137 state-owned organisations at a meeting to increase their investment by 1 trillion won this year to prop up the economy, taking total investment for the year to 55 trillion. This means public enterprises now have to boost their spending by some 6% for the rest of the year as Asia's fourth-largest economy is widely expected to miss the government's recently downgraded growth target this year.
S.Korea tells state firms to boost spending as economy slows
KONTAN.CO.ID - SEOUL (Reuters) - South Korea's government told state enterprises on Wednesday to spend 1 trillion won ($824.63 million) more than they had planned for the rest of the year to support cooling private sector activity. Finance Minister Hong Nam-ki told heads of the country's 137 state-owned organisations at a meeting to increase their investment by 1 trillion won this year to prop up the economy, taking total investment for the year to 55 trillion. This means public enterprises now have to boost their spending by some 6% for the rest of the year as Asia's fourth-largest economy is widely expected to miss the government's recently downgraded growth target this year.