First there was Japan's Abenomics, then Modinomics of India. Now South Korea has coined its own package of economic policies, which economists say will lead to a period of "big bang expansionary growth."
Dubbed 'Choinomics' after newly-appointed finance minister Choi Kyung-hwan, the term describes Choi's policies to revitalize South Korea's economy after the government unleashed a $39 billion fiscal stimulus package, equivalent to nearly 3 percent of the country's gross domestic product, last week.
South Korea - Asia's fourth-largest economy - has been grappling with massive household debt levels and a weak property market. Home prices have fallen for six out of the past seven years and dropped 0.5 percent during the first half of 2014, according to top mortgage lender Kookmin Bank.
Read MoreS.Korea Q2 growth at slowest in more than a year
In a speech on Monday, Choi said the government and the central bank are on the same page in their assessment of the country's economy - where growth slowed to its weakest pace in more than a year in the second quarter - raising the possibility the Bank of Korea may lower interest rates soon.
The central bank maintained rates at 2.5 percent for a 13th straight month in June.
Choinomics - Breakthrough for South Korea?
Dubbed 'Choinomics' after newly-appointed finance minister Choi Kyung-hwan, the term describes Choi's policies to revitalize South Korea's economy after the government unleashed a $39 billion fiscal stimulus package, equivalent to nearly 3 percent of the country's gross domestic product, last week.
South Korea - Asia's fourth-largest economy - has been grappling with massive household debt levels and a weak property market. Home prices have fallen for six out of the past seven years and dropped 0.5 percent during the first half of 2014, according to top mortgage lender Kookmin Bank.
Read MoreS.Korea Q2 growth at slowest in more than a year
In a speech on Monday, Choi said the government and the central bank are on the same page in their assessment of the country's economy - where growth slowed to its weakest pace in more than a year in the second quarter - raising the possibility the Bank of Korea may lower interest rates soon.
The central bank maintained rates at 2.5 percent for a 13th straight month in June.
Choinomics - Breakthrough for South Korea?
