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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea's Lee: to support small firms, local economy Reuters - 2 hours 12 minutes ago SEOUL, Nov 3 - South Korean President Lee Myung-bak said on Monday the government would step up support measures for small companies and focus on boosting domestic demand to offset the global financial crisis and help Asia's fourth-largest economy grow. "Concerns about foreign exchange liquidity have been almost cleared" after South Korea secured a $30 billion currency swap line with the U.S. central bank last week, Lee said, according to a script for his speech provided by the presidential Blue House. "Now it is the time to look at the real economy more throughly." As the government prepares to announce fresh economic stimulus measures on Tuesday, Lee said spending increases from the new package would target small- and medium-sized companies. South Korea has already put together packages worth some $135 billion to support banks and builders, and cut interest rates sharply to fight the global downturn and credit squeeze. In order to achieve an economic growth of more than 4 percent next year, the government would adopt policies to revive local demand to compensate for the slowing exports, the president said. Lee's comments came after the government data showed the country's annual exports growth slowed to a 13-month low in October. [ID:SEO176054] Ratings agency Moody's Investors Service forecast in October South Korea's economic growth would tumble to 2.2 percent in 2009, the slowest in 11 years, from around 4 percent this year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy S.Korean won down 2 pct on weak export dataReuters - 57 minutes ago S.Korea's Lee: to support small firms, local economyReuters - 2 hours 12 minutes ago Sri Lanka economy, rupee at risk from deficit, foreign debt: IMFAFP - Monday, November 3 SKorea, China, Japan to hold summit in FukuokaAFP - Monday, November 3 Related Articles: Business China should pursue stable monetary policy-lawmakerReuters - 45 minutes ago Seoul shares open higher, but banks continue fallsReuters - 53 minutes ago S.Korean won down 2 pct on weak export dataReuters - 57 minutes ago Mt Gibson raising cash after customer defaultsReuters - 57 minutes ago HKMA says injected HK$2.813 bln into market FriReuters - 1 hour 17 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama and McCain hurtle into final 48 hours Australian F1 race posts record financial loss Hamilton pips Massa to Formula One title in tense Brazil finale Australia anxious as Indonesia prepares to execute Bali bombers Hamilton says he is not feeling the strain View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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