South Korea has expressed considerations of drafting a fourth supplementary budget this year if the pandemic persists longer. The revelation was made by South Korea’s minister Hong Nam-ki who said the pandemic has affected the country’s economy far more than the government was anticipating.
In the first days of the pandemic, South Korea was emerging among the countries handling the pandemic in best way possible. However just as things seemed under control and the country began reopening, then numbers of new infections started spiking again worse even at an alarming rate.
The government is now contemplating imposing toughest stage 3 social distancing rules which will indeed impact on the country’s economy deeper. Some of these rules include completely shutting down schools and businesses.
“Should we adopt the stage 3 social distancing rules, its impact on the economy will be a lot more serious. So regarding the fourth extra budget, that will depend on the pace of new coronavirus case increases, as well as decision on whether we raise social distancing rules,” said the finance minister.