Hong Nam-ki "COVID-19, Impact on Real Economy... Early Resolution Possible if We Join Forces" (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 17th, "In our case, quarantine measures are being steadily managed within the government, but the impact on the real economy is inevitable."

Deputy Prime Minister Hong made these remarks during the joint briefing of four economic ministries ? the Ministry of Strategy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and the Financial Services Commission ? held at the Blue House in the afternoon. He stated, "The COVID-19 outbreak is expected to lower China's economic growth rate and weaken the global supply chain, which will have ripple effects on the global economy."

Hong emphasized, "Regarding this situation, with the top priority being the safety of the people, we will spare no effort financially and budget-wise for preemptive quarantine measures, even if they seem excessive. We will also do our utmost to minimize the economic ripple effects early on and help the affected industries and regions overcome the crisis."

He also presented measures to stimulate consumption, which has contracted due to the COVID-19 outbreak. Hong explained, "We will prepare a comprehensive package of measures within this month to encourage investment, domestic demand, and exports. We will identify investment projects worth 100 trillion won in the private, private-public partnership, and public sectors, and ensure that the measures planned earlier this year are implemented without delay."

He clarified that the COVID-19 outbreak is temporary. He said, "As pointed out by the International Monetary Fund (IMF), COVID-19 is a temporary shock. I believe that if the people, companies, and government join forces and cooperate, we can end COVID-19 early and overcome its economic ripple effects."