"With Corona Approaching Quickly... Need to Catch Both the Rabbit of Quarantine and Economy"

FedChamber Declares Daily Recovery with Keyword W.I.T.H., Presenting Overseas Cases

Data provided by the Federation of Korean Industries

[Asia Economy Reporter Kim Heung-soon] The Federation of Korean Industries (FKI) stated on the 12th that with the expansion of vaccination rates and the imminent arrival of 'With Corona,' which prepares for coexistence with COVID-19, a system that satisfies both quarantine and economic needs must be established. To this end, based on the cases of advanced countries that declared a return to normal life ahead of us, they presented four characteristics of With Corona using the English acronym W.I.T.H.

W : Wide vaccine roll-out
A certain level of vaccination rate

According to the FKI, countries with high vaccination rates began reviewing the introduction of With Corona when the vaccination rate reached 50% or when the vaccination rate surged rapidly, and started full implementation after exceeding 70% for the first dose and 60% for the second dose.

The UK, which was the first country in the world to start vaccination, announced a lockdown lifting roadmap in February when about 25% of the population had received at least one vaccine dose, and gradually eased quarantine measures while increasing vaccination rates. Although delayed somewhat due to the Delta variant, the UK declared 'Freedom Day' on July 19 and removed most quarantine regulations.

Singapore also surpassed a 60% vaccination rate and decided to stop counting infection cases, shifting to a system focusing on managing severe and critical patients and fatality rates, applying this from August 10. It reopened previously closed stores, allowed dining inside restaurants, and stopped temperature checks, but still mandates mask-wearing and business hour restrictions (until 10:30 PM), strictly enforcing basic quarantine rules with penalties including imprisonment up to six months and fines up to 10,000 Singapore dollars (about 8.7 million KRW) for violations.

In addition, Denmark, Norway, and other countries have lifted restrictions, and the FKI expects more European Union (EU) countries, where the average adult vaccination rate exceeds 70%, to join this trend.

I : Intensive approach
Transition to a quarantine system focused on lowering fatality rates

The core of With Corona is shifting the quarantine system from suppressing the number of confirmed cases to lowering the fatality rate. Countries like the UK, Israel, and Singapore, which implemented this first, transitioned their systems to fatality rate management centered on booster shots (additional vaccinations), medical system maintenance, and maintaining basic guidelines, despite temporary surges in confirmed cases during the transition to With Corona.

The UK, Israel, and Singapore are all promoting additional vaccinations. Israel has been administering third doses to citizens six months after their initial vaccination since July, with over 40% of the population having completed the booster. The UK is promoting third doses for those over 50 and expanding vaccination to children aged 12 to 15. Singapore began booster shots for citizens six months after vaccination starting late September.

Singapore revised guidelines to prevent overloading the medical system and allow hospitals to focus on treating severe patients. Mild cases, such as breakthrough infections (confirmed cases after vaccination), are primarily treated at home with necessary kits provided separately. Additionally, 250 'Community Care Centers' have been established as an intermediate step between home and hospital to systematically manage confirmed patients who are elderly or have underlying conditions. A digital epidemiological investigation system was also established to quickly track confirmed patients' movements and manage close contacts.

Even in the With Corona phase, basic guidelines such as testing and isolation upon symptom suspicion and contact tracing are still maintained, and indoor mask-wearing continues to be recommended in several countries.

Data provided by the Federation of Korean Industries

T : Travel with Vaccine Passport
Carrying a vaccine passport when traveling

The most important aspect of With Corona is enabling uninfected individuals to trust each other and live daily life safely. Israel, the EU, and others have introduced vaccine passports for this purpose, restricting entry to public places and restaurants without a vaccine passport. Using electronic vaccine passports also facilitates quick epidemiological investigations by enabling easy tracking of movements and close contacts in case of infections, reducing the time and manpower required compared to current methods.

The FKI expects that if mutual recognition with other countries is established, vaccine passports will be increasingly used for overseas travel, allowing rapid verification of vaccination status without concerns about forgery or alteration.

However, considering cases like the UK and Spain, which withdrew vaccine passport plans due to concerns about discrimination against those unable to be vaccinated for personal health reasons, the FKI emphasized the importance of preventing discrimination or exclusion of unvaccinated individuals. Singapore runs a parallel system issuing tokens (necklace-type access passes) for those without smartphones.

H : High expectation on economic recovery
High expectations for economic recovery

According to the 2021 economic outlooks from the Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB), recent economic growth forecasts have improved compared to last year, driven by the rapid rise in vaccination rates. Especially, countries like Israel, the UK, and Singapore, which had relatively early vaccination timings, are expected to have higher economic growth rates.

The FKI predicted that considering the declaration of a return to normal life is linked to vaccination rates, the economy will become more active after such declarations. In fact, Israel's retail sales index rose slightly from 101.2 in May before the declaration to 105.5 in July. In the UK, according to the Office for National Statistics (ONS), household spending rebounded 7.9% in the second quarter after easing lockdown measures, and the economic growth rate rose from the initially forecasted 4.8% to 5.5%.

According to the Ministry of Health and Welfare, 73.3% of Koreans support the transition to With Corona, and as of the 5th, vaccination rates reached 77.5% for the first dose and 54.6% for the second dose, indicating that Korea has entered the phase of returning to normal life.

Kim Bong-man, head of the FKI International Cooperation Office, said, "We welcome the government's recent consideration of transitioning to With Corona in early November, when 80% of the entire population and 90% of the elderly are expected to complete vaccination." He emphasized, "Since expectations for rapid economic recovery upon transitioning to With Corona are high, thorough quarantine measures must be taken to catch both the economic and quarantine 'two rabbits'."

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