© Bloomberg. SEOUL, SOUTH KOREA – AUGUST 15: South Korean President Moon Jae-in speaks during the celebration of the 75th anniversary of the Liberation Day at Dongdaemun Design Plaza (DDP) on August 15, 2020 in Seoul, South Korea. The 75th National Liberation Day celebrates South Korea’s independence from Japanese colonial rule following the end of World War II after Japan surrendered between August 14 and 15 in 1945. (Photo by Chung Sung-Jun/Getty Images)
(Bloomberg) — South Korean President Moon Jae-in said his country has contained the coronavirus as he sought a budget increase in order help the pandemic-hit economy recover.
Speaking in parliament on Wednesday, Moon called for strengthening the government’s fiscal role next year by increasing the budget by 8.5%. South Korea’s vigorous response in fighting the pandemic has helped boost Moon’s political standing at home and led to a stronger than expected rebound from its pandemic-triggered recession.
“By reinforcing the active role of fiscal policy, we can quickly overcome the crisis,” Moon said.
Moon said now is the time for a clear economic rebound, while also cautioning the country still runs the risks of a virus resurgence. He spoke a day after data showed that gross domestic product increased 1.9% in the three months through September from the prior quarter. Economists had forecast 1.3% growth, following two quarters of contraction.
Biggest Export Jump Since 1986 Fuels Korea Recession Rebound (1)
South Korea has seen some of the lowest death figures from Covid-19 of any advanced economy, with about 460 as of Wednesday. It is recovering from recession in a stronger position than most developed nations, aided by its exports recovery, stimulus measures and its relatively successful containment of the coronavirus.
©2020 Bloomberg L.P.
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