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  • Seoul Attempts to Minimize Local Economic Damage Caused by COVID-19

  • SMG 1360

    On February 18, 2020 (Tues.), Seoul announced an action plan that aims to minimize the local economic impact caused by the spread of the Novel Coronavirus (COVID-19) and efficiently support the companies that are overcoming damages.

    As COVID-19 has caused severe damage to SMEs, companies, and people’s livelihood and as damage to the local economy grows, Seoul is taking action to minimize damage and to prevent additional outbreaks by reinforcing disinfection based on elaborate preparations for safety.

    2,700 jobs will be expanded and created in the public sector, including 1,000 jobs that were promptly added for the disinfection of 350 traditional markets so that consumers can visit them worry-free. For the citizens who still do not visit traditional markets due to anxiety surrounding the issue, the online delivery service of traditional markets will be expanded.

    In the first half of the year, KRW 21 trillion 904.3 billion–62.5% of the total budget of the city of Seoul and its autonomous districts–will be quickly invested as the priming water for economic revitalization. A “One-stop Counseling Service” will identify companies that have experienced damage to connect them with tailor-made support, concentrating on preventing the frozen consumer confidence from leading to economic shrinkage.

    Mayor Park Won-soon of Seoul said, “The decline in consumer confidence has caused difficulty to SMEs, retailers, and small business owners. Seoul is working in close cooperation with central quarantine authorities to strictly disinfect and prevent the spread of the disease. We will work out in the field to look after the livelihoods of the people and to normalize the situation, preventing the current situation from resulting in economic difficulties and protecting our daily lives from the harmful virus.”