Government to Release 8 Major Consumer Coupons... Full Effort for Q3 Recovery

"Full Effort for Q3 Economic Rebound, Boosting Investment and Consumption"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government has introduced eight major consumption coupon policies to boost consumer sentiment, which has been dampened by the novel coronavirus infection (COVID-19). This reflects the determination to raise the second-quarter economic growth rate (-3.3%) and achieve a rebound in the third quarter.

On the 1st, the government announced eight consumption coupons covering sectors such as agricultural and marine products, tourism, accommodation, movies, performances, exhibitions, dining out, and sports. These coupons will be provided on a first-come, first-served basis to purchasers of online and offline goods and services.

3.5 million people who reserve online museum and art gallery visits can receive discounts of 2,000 to 3,000 won. Accommodation discount coupons (29 billion won) and tourism discount coupons (9.7 billion won) are also expected to be available starting in September.

The government expects 18 million people to spend about 1 trillion won through this initiative. Additionally, through the third supplementary budget plan, the distribution of local love and Onnuri gift certificates, which increased from 9 trillion won to 13 trillion won, will be expedited, and the issuance scale for next year, exceeding this year's amount, is being considered at 15 trillion won.

Earlier, on the 30th, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki stated, "Strengthening the momentum of consumption, which accounts for half of our economy, is more important than ever," adding, "We will actively promote consumption stimulation measures such as local festivals by utilizing the summer peak season and the temporary holiday on August 17."

The government plans to achieve a momentum for economic recovery in the third quarter by thoroughly implementing quarantine measures and mobilizing all available policy tools. In this regard, the Ministry of Economy and Finance plans to execute more than 75% of the major projects in the third supplementary budget within three months to support economic recovery.