Pohang City Urgently Responds to Economic Slowdown Due to Novel Coronavirus

Pohang City, Gyeongbuk, is operating the Disaster and Safety Countermeasures Headquarters 24 hours a day following the upgrade of the COVID-19 crisis alert level from "Caution" to "Warning," and is making every effort to prevent the inflow and spread of the novel coronavirus (Photo by Pohang City).

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju-cheol In] Pohang City, Gyeongbuk Province, announced on the 4th that it is making every effort to respond to the economic downturn caused by the spread of the novel coronavirus infection.

The city first established a comprehensive situation room to address the difficulties faced by local small business owners, SMEs, and the tourism industry, and decided to take proactive and preemptive measures together with local economic-related institutions and organizations.

It also plans to strengthen crackdowns on market disruption activities such as hoarding and price increases of hygiene products like masks and hand sanitizers.

As local wholesale and retail businesses, lodging and restaurants, and travel industries are expected to suffer from deteriorating management due to reduced outdoor activities by citizens, the city will expand support for small business owners, including increased SME loans. Along with the expanded issuance of Pohang Love Gift Certificates, the city will also promote the fastest execution of local finances in the first half of the year at an all-time high level to overcome the slowdown in local economic growth. Furthermore, out of the annual budget target of 1.2225 trillion won, 821.1 billion won will be executed in the first half to fully stabilize the local economy.

Lee Kang-deok, Mayor of Pohang, said, “We ask for the cooperation of all citizens so that economic sentiment is not weakened by excessive anxiety about the novel coronavirus.”

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