Economic status not comparable to MERS and SARS crises, says Moon

South Korean President Moon Jae-in ordered the government on Friday to do its best to set forth unprecedented measures against the possible economic fallout of the COVID-19 crisis. Accordingly, it is expected that the government will expand a supplementary budget while executing a budget plan for basic income for those affected by the current disaster, which some local municipalities have taken into consideration.

“Economic policymakers may only refer to past cases when coming up with measures. However, it is an emergency economic situation not comparable to the MERS and SARS crises,” Moon said at a special meeting concerning economic and financial situations. “As ordered by the president, the government will consider giving financial support to those within the median income bracket or below even if it is not called a basic disaster income,” said a government official.

Meanwhile, it was decided that Daegu and North Gyeongsang Province, the country’s two hardest-hit regions, will be designated as a special disaster zone. “The government is working on relevant steps on announcement of the special disaster regions,” Prime Minister Chung Sye-kyun said at a meeting held at the Central Disaster and Safety Countermeasures Headquarters. “I will make an official proposal to the president.”


Sang-Jun Han alwaysj@donga.com