Reviving the economy - 경제 살리기

  The Minister of Strategy and Finance revised down key economic indicators last week when it announced its plan for the economy in the second half of this year. The ministry slashed its growth outlook for 2015 to 3.1 percent from an earlier projection of 3.8 percent,citing slumping exports and the negative implact of the MERS outbreak on consumer spending and business sentiment. on employement, the ministry forecast that about 400,000 new jobs would be created this year, down from its earlier estimate of 450,000. It also expected the country's consumer prices to grow just 0.7 percent on-year in 2015, down from the 2 percent previsously predicted.

  The ministy's latest growth outlook is on par with a forecast made by the Bank of Korea in April. Earlier this month, the central bank cut its key interest rate to a record low of 1.5 percent to help boost ther economy, with domestic consumption hit hard by the MERS outbreak. The ministry said the outbreak of deadly virus could pare up to 0.3 percentage points off annual economic growth. The slump in exports, which is attributed mainly to slowing global demand and a weak yen and euro, poses another critical downside risk to Asia's fourth-largest economy. Korea's export fell 10.9 percent from a year earlier in May, shrinking for the fifth consecutive month.

  To boost the troubled economy, the ministry said it would push for a 15 trillion won($13.3 billion) stimulus package by drawing up a supplementary budget and utilizing various state-run funds. The exact size of the extra budhet will be determined after more consultation with the ruling Saenuri Party before it is submitted to the National Assembly for approval. The proposed supplementary budget needs to be implemented as early as possible to maximize its effect.

 

 

1) revise down : 하향조정하다. vs.  revise up 상향조정하다

2) be on par with : ~와 동등하다. 똑같다.

3) pare (off/away) : (얇은 껍질을) 벗기다. 깎다. (~ back.down) 크기, 양을 서서히 축소하다.

4) stimulus package : 경기 부양책

5) supplementary package : 추가 예산 / 추경예산