“The 2012 budget was set with a focus on job growth, while aiming to reach a fiscal balance in 2013,” the ministry said in a statement, on BBC News.
The International Monetary Fund cut South Korea’s growth forecast this year to 4%, down from 4.5%. Analysts say that despite the economic slowdown, there is no threat of the economy going into a recession.
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Tisha Guerrero contributed to this article.