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The stimulus move underlines how the government is seeking a quick fix to the slowdown. South Korea's economy expanded 2 percent in 2012, the slowest rate in three years, as weak global recovery and trade. The extra budget will stimulate growth by 0.3 percentage point this year and add 40,000 new jobs, it said. Despite the government's calls for all-out efforts to boost the economy, South Korea's central bank resisted calls to lower borrowing costs. Last week, Bank of Korea kept its key interest rate unchanged at 2.75 percent for a sixth month. Gov. Kim Choong-soo said the economy is on track to a slow recovery and the monetary policy is "accommodative" to encourage borrowing and spending.
[Associated
Press;
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