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S. Korea readies 'all options' to tackle economic fallout from new coronavirus

All News 09:41 February 05, 2020

SEOUL, Feb. 5 (Yonhap) -- South Korea will spare no efforts to minimize the economic impact of the rapidly spreading new coronavirus, Finance Minister Hong Nam-ki said Wednesday, amid rising concerns about the economic fallout.

Hong described the economic impact of the virus as "grave," adding that "all measures" will be prepared to mitigate its potential economic impact.

Hong said small businesses, which are already suffering, will be provided with financial and taxation support.

The government will deal sternly with the hoarding of face masks and other hygiene products, Hong told a meeting with economic ministers.

The government has been closely monitoring the industries expected to be affected most, such as exporters, hotels and restaurants, transportation services and small businesses.

South Korea has 18 confirmed cases of the virus, believed to have originated in the Chinese central city of Wuhan. The virus has killed about 490 people in China's Hubei Province, where Wuhan is the capital city.

Finance Minister Hong Nam-ki speaks at a meeting with economic ministers on curbing the spread of a new coronavirus on Feb. 5. 2020.


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