Pandemic’s economic impact will be drastic: SoKor President

The economic implication of the novel coronavirus is expected to severe the South Korean economy further, with the unemployment rate likely to surge to an unprecedented level, South Korea President Moon Jae-in said on Tuesday.

At a policy meeting, Moon said that the third supplementary budget will be released soon, as figures indicated that Asia’s fourth-largest economy may contract further in the second quarter of the year. More so, massive job loss remains to be his primary concern.

First-quarter records showed that the pandemic dragged South Korea’s economy into its sharpest contraction since 2008. The sharp downturn occurred as virus restrictions capped consumption and disrupted global trade.