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S. Korea to unveil support measures for tourism sector amid virus fallout

All News 16:31 February 06, 2020

GYEONGJU, South Korea, Feb. 6 (Yonhap) -- South Korea plans to unveil support measures for its tourism sector hit hard by the rapid spread of the novel coronavirus, Finance Minister Hong Nam-ki said Thursday.

The measures, which could be introduced by the end of this month, will include special loans for the tourism sector, Hong said during a visit to Gyeongju, a popular tourist destination located about 370 kilometers southeast of Seoul.

The move comes as the rapidly spreading coronavirus, which originated in China, could cast a shadow on the nation's fragile economic recovery.

Hong said the government is closely monitoring the industries that are expected to be affected most by the virus fallout, such as exports, hotels and restaurants, transportation services and small businesses.

The new virus has inflected more than 29,000 people globally and killed more than 560, mostly in China. South Korea has 23 confirmed cases of the virus.

South Korea's economy grew 2 percent last year, marking the slowest growth in a decade. The Bank of Korea expected the nation's economy to grow 2.3 percent this year.

S. Korea to unveil support measures for tourism sector amid virus fallout - 1


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