SEOUL: The global economy is expected to show a U-shaped recovery for the next two years as the Covid-19 outbreak may drive the world economy into a slowdown this year before bouncing back next year, South Korean Deputy Prime Minister for economic affairs Hong Nam-ki said on Friday (March 20).
Hong, also the minister of Economy and Finance, told a press briefing with foreign correspondents in Seoul that the most probable scenario could be the global economic recovery next year after suffering difficulties this year from the Covid-19 outbreak.
Since the declaration of the global pandemic, outlooks moved to the U-shaped rebound for the next two years, he noted, based on forecasts from the International Monetary Fund , the Organization for Economic Cooperation and Development and other economic think tanks. The government unveiled 11.7 trillion won worth of supplementary budget plan, which was passed through the parliament early this week, after having taken comprehensive steps worth 20 trillion won since early February to support quarantine efforts and business operations.
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