SEOUL (Reuters) – South Korea President Moon Jae-in on Tuesday said the deepening impact from the coronavirus pandemic will worsen going forward, and said massive job losses are of his particular concern.
Speaking at a policy meeting, Moon said the third supplementary budget of this year is on its way, as growth readings for Asia’s fourth-largest economy are likely to worsen in the second quarter.
The coronavirus pandemic pushed South Korea’s economy in the first quarter into its biggest contraction since 2008, as self-isolation measures reduced consumption and global trade slumped.
(Reporting by Cynthia Kim; Editing by Christian Schmollinger)
