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S. Korea may face worst economic slump in Q2: vice finance minister

22 May 2020 17:17

SEJONG. KAZINFORM South Korea is likely to face the worst quarterly economic slump in the second quarter, Vice Finance Minister Kim Yong-beom said Friday, as the new coronavirus pandemic has crippled exports and consumption.

«Shocks are expected to be concentrated in the second quarter,» Kim said during a meeting with senior ministry officials, Yonhap reports.

Kim said the government will fully mobilize stimulus packages in the second quarter to minimize the economic fallout from the pandemic.

The ministry is set to unveil the third extra budget early next month as it will seek to encourage firms to boost investment and protect the job market.

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Keywords: World News, Economy,