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S. Korea vows more measures to prop up virus-hit economy

All News 09:57 May 15, 2020

SEJONG, May 15 (Yonhap) -- South Korea will roll out more measures to prop up the nation's economy hit by the coronavirus pandemic, Vice Finance Minister Kim Yong-beom said Friday.

The new measures are aimed at insulating plunging exports from economic activities at home, Kim told a meeting with senior ministry officials.

Kim warned that exports may continue to decline in May due in part to the lockdown measures of South Korea's major export destinations.

Vice Finance Minister Kim Yong-beom speaks at a meeting with senior officials on May 15, 2020. (Yonhap)

In April, the nation's exports tumbled 24.3 percent on-year to $36.9 billion. South Korea suffered a trade deficit of $950 million in April, snapping its 98 straight months of having more exports than imports.

In the first 10 days of May, exports sank 46.3 percent on-year. The daily average exports during the 10-day period slipped 30.2 percent on-year.

Last week, the government said it will provide 1.5 trillion won (US$1.2 billion) in subsidies to temporary workers who lost their jobs due to the coronavirus pandemic.

Temporary or freelance workers who lost their jobs will be eligible for the subsidies, and they will receive a total of 1.5 million won each.

Kim said the government will make efforts to begin handing out the subsidies from mid-June.


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