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South Korea receives $5.2 billion stimulus boost

  • South Korea has announced a new $5.2 billion stimulus package in a bid to increase domestic demand as a drop in exports continues to hinder economic growth.

    The package is to include tax breaks on personal incomes and purchases of homes and cars.

    South Korea's exports account for almost half its economic output and have been affected by waning demand from the U.S. and eurozone.

    The package follows a $7 billion boost announced by the government in June.