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South Korea injects $20 bln stimulus into MERS-hit economy

South Korea forecasts its economy will grow 3.1% this year and 3.5% next yearThe South Korean government on Friday agreed to inject $20 billion into the flagging economy, which has been hit by the MERS virus outbreak and sluggish consumption. The 22-trillion-won ($19.8 billion) stimulus package was passed at a cabinet meeting of government ministers, the finance ministry said. “The extra budget will help revitalise the economy and stabilise the livelihoods of ordinary people who have been affected the most by the fallout from MERS,” Vice Finance Minister Bang Moon-Kyu was quoted as saying by Yonhap news agency.

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