S Korea to spend $ 3.5 b to create jobs amid slump

SEOUL, South Korea Thursday unveiled plans to spend an extra 4.9 trillion won (3.5 billion dollars) this year to create 550,000 new jobs as it teeters on the edge of a recession brought on by the global slump.

The decision was reached at a special presidential council meeting on the economic crisis, the presidential office said. The money will come from a supplementary budget due to be unveiled next week.

Media reports and officials said the government is likely to ask parliament to approve an extra budget of around 30 trillion won (22 billion dollars).

The country's export-driven economy is on the brink of its first recession since 1998. The official unemployment rate rose to 3.9 percent in February, the highest in almost four years. AFP