Ho Woei Chen, CFA, Economist at UOB Group, reviewed the recent fiscal measure by South Korea in order to fight the effects of the coronavirus outbreak in the country. Key Quotes “South Korea unveiled a KRW11.7 trillion (US$9.8 billion or 0.6% of GDP) supplementary budget on Wednesday targeting greater disease control efforts, support for small merchants and SMEs, consumption and employment as well as the local economies as the spread of COVID-19 in the country becomes increasingly worrying.” “The proposed supplementary budget amount consists of KRW3.2 trillion revenue deficit and KRW8.5 trillion additional spending. South Korea plans to finance KRW1.4 trillion with surplus funds and KRW10.3 trillion through debt issuance.” “The amount is comparable to its stimulus package during the Middle East Respiratory Syndrome (MERS) outbreak in 2015 worth KRW11.6 trillion and is around 2.3% of its central government budget this year. This would bring the consolidated fiscal deficit to -2.1% of GDP in 2020 from original budgeted -1.5% (2019: 0.3% of GDP). The supplementary budget is subjected to parliamentary approval.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Oil: Price forecasts downgraded – ANZ FX Street 3 years Ho Woei Chen, CFA, Economist at UOB Group, reviewed the recent fiscal measure by South Korea in order to fight the effects of the coronavirus outbreak in the country. Key Quotes “South Korea unveiled a KRW11.7 trillion (US$9.8 billion or 0.6% of GDP) supplementary budget on Wednesday targeting greater disease control efforts, support for small merchants and SMEs, consumption and employment as well as the local economies as the spread of COVID-19 in the country becomes increasingly worrying." “The proposed supplementary budget amount consists of KRW3.2 trillion revenue deficit and KRW8.5 trillion additional spending. South Korea plans to finance KRW1.4… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.