Hong Nam-ki "Measures to Address COVID-19 Damage... Please Conduct Normal Economic Activities" (Comprehensive)

Macroeconomic and Financial Meeting on the 14th

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 14th regarding the coronavirus disease (COVID-19) that "support measures by industry and sector, such as aviation, shipping, tourism, and export support, will be promptly prepared and implemented." He also added a request for the public to engage in normal economic activities, as there were signs of improvement in South Korea's economy.

At the 'Macroeconomic and Financial Meeting' held at the Bankers Hall in Jung-gu, Seoul, Hong said, "Some impact on the real economy is inevitable."

He emphasized, "We will continuously prepare emergency support measures to alleviate the difficulties faced by affected industries and companies even slightly," and "we will greatly expand communication opportunities with economic organizations, private companies, and small business owners to make all-out efforts to resolve or ease difficulties on the ground."

He added, "We will mobilize all possible policy tools to prepare and implement a comprehensive package of measures as soon as possible to support economic recovery, including expanding private investment, revitalizing domestic demand, and promoting exports."

He stated, "We will discover and execute investments worth 100 trillion won across the three major sectors of private capital, private sector, and public sector, as outlined in this year's economic policy direction, and swiftly supply 479 trillion won in policy finance."

Regarding the financial and foreign exchange markets, he said, "The relevant authorities will strictly monitor the situation, and if abnormal market volatility expands, we will respond proactively, swiftly, and accurately according to the contingency plan."

He also expressed regret that COVID-19 occurred while the overall Korean economy was showing signs of improvement. Along with this, he said, "(The COVID-19 situation) has a significant economic consumption sentiment contraction caused not only by actual ripple effects but also by excessive fear and anxiety," and requested, "We ask the public to now engage in normal economic and consumption activities."

Furthermore, he urged, "To overcome COVID-19 and the economic ripple effects caused by this situation, we ask all citizens, companies, and small business owners to unite their strength and wisdom and participate," emphasizing, "We will do our utmost to ensure that the economic recovery trend does not falter due to the COVID-19 situation."