(Bloomberg) — South Korean President Moon Jae-in said his country has contained the coronavirus as he sought a budget increase in order help the pandemic-hit economy recover.
Speaking in parliament on Wednesday, Moon called for strengthening the government’s fiscal role next year by increasing the budget by 8.5%. South Korea’s vigorous response in fighting the pandemic has helped boost Moon’s political standing at home and led to a stronger than expected rebound from its pandemic-triggered recession.
“By reinforcing the active role of fiscal policy, we can quickly overcome the crisis,” Moon said.
Moon said now is the time for a clear economic rebound, while also cautioning the country still runs the risks of a virus resurgence. He spoke a day after data showed that gross domestic product increased 1.9% in the three months through September from the prior quarter. Economists had forecast 1.3% growth, following two quarters of contraction.
Biggest Export Jump Since 1986 Fuels Korea Recession Rebound (1)
South Korea has seen some of the lowest death figures from Covid-19 of any advanced economy, with about 460 as of Wednesday. It is recovering from recession in a stronger position than most developed nations, aided by its exports recovery, stimulus measures and its relatively successful containment of the coronavirus.
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