Deputy Minister Ki Jae: "COVID-19 Hits Real Economy Indicators... Global Economy Faces Difficult V-Shaped Recovery"

"March Export Performance Holds Up... Limited Impact from COVID-19"

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of Strategy and Finance, said on the 3rd, "The ripple effects of the novel coronavirus infection (COVID-19) are becoming visible in real economic indicators."

Vice Minister Kim made this remark while presiding over the Macroeconomic and Financial Meeting at the Seoul Banking Hall on the same day.

Vice Minister Kim stated, "Industrial production in February, four months ago, sharply declined by -3.5% due to the impact of COVID-19," adding, "In particular, service industry production (-3.5%) recorded the largest decrease since statistics began." Economic sentiment indicators such as the Consumer Sentiment Index (CSI) and the Business Survey Index (BSI) also showed a sharp decline in March, marking their lowest levels since March 2009.

Vice Minister Kim analyzed that although the impact of COVID-19 appeared in real economic indicators, its effect remains limited. He assessed, "Exports in March (+0.2%) performed relatively well despite difficult conditions," and "Export volumes increased at the largest rate in 17 months, indicating that the impact of COVID-19 is still limited."

He further emphasized, "There is no need to be pessimistic about the current uncertainties and difficulties." He explained, "An immediate V-shaped rebound of the global economy may be difficult, but a rebound is expected after a certain period," and "It is most important not to miss the opportunity for economic recovery."

This content was produced with the assistance of AI translation services.