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The increasing cost of oil due to the conflict is affecting both families and companies in South Korea, as the country's economy depends a lot on importing energy. The country ranks as the world's fourth-largest importer of oil, with 70% of its oil supply sourced from the Middle East.
A total of 10.1 trillion won will be allocated to help alleviate the impact of increasing fuel prices, and an additional 2.8 trillion won will be provided to assist those in vulnerable situations. The country's budget agency announced on Tuesday that the government will allocate an additional 2.6 trillion won to help businesses in sectors facing increased logistics costs and higher energy prices, such as exporters and petrochemical companies, with the aim of reinforcing supply chains.
The plan also allocates 9.7 trillion won to assist regional governments with their financial needs and 1 trillion won to settle government debt.
Economists believe the announced package will offer some level of support to the national economy. However, they think the stimulus could lead to higher inflation.
source: bloomberg.com
A total of 10.1 trillion won will be allocated to help alleviate the impact of increasing fuel prices, and an additional 2.8 trillion won will be provided to assist those in vulnerable situations. The country's budget agency announced on Tuesday that the government will allocate an additional 2.6 trillion won to help businesses in sectors facing increased logistics costs and higher energy prices, such as exporters and petrochemical companies, with the aim of reinforcing supply chains.
The plan also allocates 9.7 trillion won to assist regional governments with their financial needs and 1 trillion won to settle government debt.
Economists believe the announced package will offer some level of support to the national economy. However, they think the stimulus could lead to higher inflation.
source: bloomberg.com
