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South Korea rushes through stimulus package to help struggling shipbuilders

President Park Geun-hye today urged local politicians to ratify a stimulus package worth KRW20trn ($17bn), including KRW10trn in extra budget, as the nation fights to save its beleaguered shipbuilding and shipping industries which have been shedding thousands of jobs over the past 18 months with more to go.

“To support the suffering citizens, the government has decided to draw up a supplementary budget,” the president said today.

She also warned that Brexit could bring additional stress to the Korean economy in the second half of this year.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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