South Korea pledges emergency measures as virus outbreak in China affects economy

South Korea pledges emergency measures as virus outbreak in China affects economy

Two of South Korea’s chiefs of economic policy pledged on Friday that they would deploy emergency measures to minimize the impact of the novel coronavirus on the country’s economy.

Finance Minister Hong Nam-ki and Bank of Korea Governor Lee-Ju-yeol made the remarks at the beginning of their meeting. South Korea’s economy has been speculated by many economists to be severely affected because of its close business relationship with China.

Governor Lee-Ju-yeol said that the bank was working on financial aid packages for sectors that would be directly affected by the spreading virus. However, he had made no further comments on whether it would lower interest rates to support the economy.