Economic Impact of COVID-19 on South Korea and its Policy Response

ambarish — Wed, 05 Aug 2020 18:21:00 +0000

South Korea’s economy is expected to be adversely affected by COVID-19 pandemic in 2020. The growth of real gross domestic product (GDP) of South Korea is expected to shrink and unemployment levels to increase due to COVID-19 this year. As of 05^th Aug 2020, South Korea had 14,456 confirmed COVID-19 cases out of which 13,406 people have recovered from the disease while 302 have lost their lives.

This blog post analyses the economic impact of COVID-19 pandemic along with fiscal, monetary, employment and social policy measures taken by South Korea government under following sections –

Impact of COVID-19 on South Korea Economy in 2020
COVID-19 Containment Measures of South Korea
COVID-19 Related Fiscal Policy Measures by South Korea
COVID-19 Related Monetary Policy Measures by South Korea
COVID-19 Related Employment Policy Measures by South Korea
COVID-19 Related Social Policy Measures by South Korea

1. Impact of COVID-19 on South Korea Economy in 2020

South Korea’s real gross domestic product (GDP) was KRW 1,629,938.884 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 2.1% to be around KRW 1,595,...

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