Economics
South Korea Unveils $9.8 Billion Extra Budget to Stem Virus Fallout
- The coronavirus threatens Korea’s fragile economic recovery
- Italy and Hong Kong have also announced economic aid packages
South Korean soldiers spray antiseptic solution in Guryong slum, Seoul on March 3.
Photographer: Chung Sung-Jun/Getty Images
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South Korea’s government said it’s seeking a 11.7 trillion won ($9.8 billion) extra budget to help businesses hit by the world’s second-largest coronavirus outbreak, joining policy makers around the globe intensifying responses to the epidemic.
The plan was unveiled just hours after the U.S. Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis. Group of Seven finance chiefs also issued a statement saying they’re ready to act to shield their economies from the spreading virus.