South Korea is likely to face the worst quarterly economic slump in the second quarter as the impacts of the novel coronavirus outbreak has crippled exports and consumption across the country.
Vice Finance Minister Kim Yong-beom spoke of the glum projection Friday during a policy review meeting with senior officials.
He said the government will respond by fully mobilizing stimulus packages in the second quarter of this year to minimize shocks from COVID-19.
The ministry is set to unveil a third extra budget early next month as it aims to encourage firms to boost investment and protect the local job market.
The Moon Jae-in administration has so far pledged relief packages worth some 240 trillion won to ease the fallout from the coronavirus pandemic.
<Photo: Yonhap News>
