Pandemic Hits: Economy and Job Growth

pandemic hits: It will partly be funded by a third extra budget now being drafted, according to a statement on the policy outlook for the second half. ; The extra spending will help an economy forecast to grow by just 0.1 percent this year, the slowest expansion since the 1998 Asian financial crisis, according to The Japan Times. The latest projection was more optimistic than the contraction expected by the Bank of Korea and private economists, but the government acknowledged downside risks to its view should a second virus wave emerge. The plan, first outlined by Moon in April, aims to refocus the economy through 2025 by supporting job growth and new industries. South Korea's trade-dependent economy is suffering as the pandemic hits overseas markets. President Moon Jae-in's administration has so far announced 250 trillion won in measures to prop up the economy, including direct support, loans and funds to stabilize financial markets. New virus clusters have also sprung up at home, raising fear among the public and potentially hindering a domestic recovery. (news.financializer.com). As reported in the news.