Low resistance

2 April 2020 By Robyn Mak Follow @mak_robyn

Laudable containment efforts that helped save lives aren’t sparking obvious wider benefits. Domestic demand is weak and a global recession probably will cause South Korea’s $1.6 trln economy to contract this year. Export dependence means waiting for the rest of the world to heal.

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South Korea will make emergency cash payments to families and draw up a second supplementary budget to ease the impact of the coronavirus outbreak, President Moon Jae-in said on March 30, after an emergency meeting with economic policymakers.

As part of the "emergency disaster relief payment", up to 1 million won would be made available to each household, except the top 30% by income, totalling 9.1 trillion won ($7.4 billion).

Officials also said they would prepare another extra budget worth 7.1 trillion won for parliamentary approval in April.

Health authorities reported 89 new coronavirus cases on the morning of April 2, bringing the total infections to 9,976. The death toll stood at 169.

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