South Korea to launch ‘emergency economic council’

The South Korean president has urged the economic advisory group to find “powerful countermeasures ” to boost the economy in the context of the continued spread of COVID-19.

South Korean President Moon Jae-in on March 19 announced plans to establish an “emergency economic council” to discuss measures to reduce the impact of the COVID-19 infection.

President Moon urged the economic advisory group to find “powerful countermeasures” to boost the economy in what he called the “unprecedented multi-crisis” caused by the COVID-19 epidemic.

President Moon and officials attend the meeting at Cheong Wa Dae (Blue House), including Finance Minister Hong Nam-ki, lauched to present a prioritized list of policy measures, including stabilizing financial markets and supporting small businesses may be a top priority in this meeting.

In addition, hot political issues such as other additional budget programs and basic income will also be discussed.

In the early of this week, the Korean National agreed with a new stimulus package plus a proposed 11.7 trillion-won (US$9.53 billion).

Moon said the supplement budget of the government is not an end but a start in responding to the consequences of the COVID-19 epidemic.

“The supplementary budget is not an end but a start,” he said, adding that many point out that it’s insufficient. He said there’s a growing call for “special support measures on an extraordinary level,” with the global economy heading toward a recession.

The head of several local governments also came up with the idea of providing cash or voucher costs to one million won as a basic income for each household.

However, the Korean government currently supports a “selective” approach to focus priority on people who have urgent needs.

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