South Korea mulling further tax cuts to prop up economy
South Korean President Lee Myung-Bak said on Sunday his administration planned further tax cuts and would expand government spending to prop up the ailing economy.
Lee summoned key advisers and ministers to a meeting Sunday where he urged them to stem the financial crunch spilling into Asia's fourth largest economy, his spokesman Lee Dong-Kwan said in a statement afterwards.
South Korea is already feeling the harsh impact of the global crisis, with its stock market Friday plummeting 10.6 percent amid massive foreign selling and growth hitting a four-year low in the third quarter.
"The government's scheme to push for additional tax cuts and expand its fiscal spending must ensure that the financial crisis will not lead to a slump in the real economy," the president told the meeting.
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