Finance minister warns against excessive fear of new coronavirus
Finance Minister Hong Nam-ki, center, speaks during a ministerial meeting at Seoul Government Complex in Jongno District, Wednesday, regarding the novel coronavirus spread in Korea. Yonhap
South Korea's finance minister on Wednesday warned against excessive fear of the spread of a new coronavirus, urging people not to curb their normal economic activities.
Finance Minister Hong Nam-ki told a meeting with economy-related ministers that the economy is expected to feel the brunt of efforts to contain the virus, but most economic impact may came from "excessive fear and anxiety."
"As confirmed cases are under the government's prevention and control works, (the government) asks people to carry out normal economic and consumption activities," Hong said.
As planned, the government will push ahead with investments worth 100 trillion won (US$84.6 billion) this year to keep the economy's recovery momentum, Hong said.
Hong said the government will come up with additional measures in coming weeks to help local firms cushion the economic impact of the virus.
Such measures include policy tools to boost local tourism, exports and private consumption.
South Korea had 28 confirmed cases of the virus, which originated from China and killed more than 1,100 people, as of Monday.
Last week, the finance ministry said it will provide 2 trillion won in financial support to small merchants who are expected to be hurt by the spread of the virus.
It is difficult to gauge how broadly the virus will spread, but the little-known disease is expected to negatively affect the Korean economy, analysts said.
The country's jobless rate fell to 4.1 percent in January and 568,000 jobs were created last month, marking the strongest monthly gain in more than five years.
Hong voiced concerns that the economic impact of the virus may negatively affect job growth. But, the government will spare no efforts to minimize the economic fallout of the virus and help the private sector create more jobs, Hong said. (Yonhap)