S. Korea to issue travel coupons to boost domestic consumption

Economy 09:43 May 12, 2023

SEOUL, May 12 (Yonhap) -- South Korea's finance ministry said Friday the government will issue a set of coupons for local accommodations and tour packages in line with efforts to boost domestic consumption.

The move came a day after President Yoon Suk Yeol declared an end to almost all COVID-19 restrictions in the latest step to return to pre-pandemic normalcy.

Under the measure, the government plans to offer 30,000-won (US$22.50) coupons that can be used at local accommodations, along with a 30 to 50 percent discount on high-speed KTX rides.

The finance ministry plans to provide more details next week.

"Recently, inflation in the South Korean economy has slowed, with domestic consumption also posting a gradual recovery," First Vice Finance Minister Bang Ki-sun said.

"But to put the South Korean economy on a full-fledged recovery track, we need to maintain stable prices and the recovery in consumption, while revitalizing sluggish exports and investment," Bang added.