Finance Minister Yoo Il-ho speaks about South Korea's economy.[Photo by Yoo Dae-gil = dbeorlf123@]
South Korea's top economic official said Tuesday that some 60,000 shipyard workers may lose their jobs by the end of next year in the restructuring of troubled shipyards and shipping units.
Finance Minister Yoo Il-ho said that South Korea needs "pre-emptive" steps to respond quickly to global uncertainties heightened by Brexit that could sap domestic demand and dampen efforts to reduce unemployment.
"If corporate restructuring gains speed, some 60,000 workers are forecast to lose their jobs by the end of next year just in the (shipbuilding and shipping) sector," he said.
The finance ministry warned corporate restructuring would also have a heavy impact on investment and production.
The ministry unveiled a new stimulus package worth more than 20 trillion won to prop up growth in the second half of this year. The package includes 10 trillion won in extra budget and another 10 trillion in spending through state companies.
Last year, the South Korean economy expanded 2.6 percent, compared to an expansion of 3.3 percent in 2014. This year's growth was projected at 2.8 percent.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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