South Korean government: long term preparation for epidemic or economic recovery

According to Yonhap news, Kim Yung fan, the first official of the Ministry of planning and finance of South Korea, said at the macroeconomic and financial conference held in Seoul on the morning of 25th that the global new epidemic situation and the speed of economic recovery will affect the fluctuation of domestic and international financial markets, and the government will pay close attention to the market trend and deal with the possibility of the epidemic lasting for a long time. Kim Yung Fan said that the meteorological disasters caused by the longest plum rain season in history and the rapid spread of domestic epidemic in recent years made the prospect of economic recovery in South Korea worrying. Especially in the case of recovery of domestic demand such as consumption, production and investment, the above negative factors may slow down the economic recovery momentum. He pointed out that the possibility of further shrinking consumption could not be ruled out. Jin Rongfan said that once the major countries strengthen the economic blockade under the epidemic situation, the global economic recession will be accelerated and the financial market volatility will also increase. If the epidemic situation is effectively controlled, the possibility of rapid deterioration of the domestic financial market will be reduced. Jin Rongfan stressed that the government will appropriately adjust the economic stimulus policy according to the development trend of the epidemic, make up for the weak links, and launch effective strategies to deal with the long-term epidemic situation as soon as possible.