S. Korea: Global economy to show U-shaped recovery over COVID-19 outbreak

Red Cross workers preparing emergency relief kits packed with basic necessities like instant food for delivery to impoverished people experiencing difficulties amid the spread of the coronavirus at a facility of the Korean National Red Cross in Seoul, South Korea, on Friday (March 20). - AP

SEOUL: The global economy is expected to show a U-shaped recovery for the next two years as the Covid-19 outbreak may drive the world economy into a slowdown this year before bouncing back next year, South Korean Deputy Prime Minister for economic affairs Hong Nam-ki said on Friday (March 20).

Hong, also the minister of Economy and Finance, told a press briefing with foreign correspondents in Seoul that the most probable scenario could be the global economic recovery next year after suffering difficulties this year from the Covid-19 outbreak.