April 28, 2020 / 1:36 AM / a month ago

South Korea President says economic impact of coronavirus will increase

FILE PHOTO: South Korea's President Moon Jae-in speaks during a ceremony marking the 101st anniversary of the March 1st Independence Movement Day in Seoul, South Korea, March 1, 2020. Kim Min-Hee/Pool via REUTERS

SEOUL (Reuters) - South Korea President Moon Jae-in on Tuesday said the deepening impact from the coronavirus pandemic will worsen going forward, and said massive job losses are of his particular concern.

Speaking at a policy meeting, Moon said the third supplementary budget of this year is on its way, as growth readings for Asia’s fourth-largest economy are likely to worsen in the second quarter.

The coronavirus pandemic pushed South Korea’s economy in the first quarter into its biggest contraction since 2008, as self-isolation measures reduced consumption and global trade slumped.

Reporting by Cynthia Kim; Editing by Christian Schmollinger

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