SEOUL: South Korea announced a stimulus package of 11.7 trillion won (US$9.8bil) to cushion the impact of the largest outbreak of coronavirus outside China as efforts to contain the disease worsen supply disruptions and sap consumption.
Finance Minister Hong Nam-ki said the supplementary budget, subject to parliamentary approval, will channel money to the health system, child care, and outdoor markets.“As we understand that the economy is in a state of emergency, we are putting all our policy focus on minimising the economic fallout, especially for the vulnerable sectors, small- to medium-sized businesses and self-employed people,” Hong told a news conference.The flu-like virus, which originated in China, has killed more than 3,000 and roiled global financial markets as investors and policymakers brace for a sharp knock to world growth.