South Korea pledges emergency steps as coronavirus hits economy

SEOUL (Reuters) - South Korea’s two economic policy chiefs pledged on Friday to deploy emergency measures to minimize the impact on the economy from the coronavirus outbreak in China.

Finance Minister Hong Nam-ki and Bank of Korea Governor Lee Ju-yeol made the remarks at start of their meeting, as South Korea’s economy is widely expected to be hit hard by the epidemic because of its close business ties with its giant neighbor.

Governor Lee said the central bank was working on financial aid packages for those sectors directly affected by the spreading coronavirus, but gave no indication on whether it would lower interest rates to support the economy.

Reporting by Joori Roh; Editing by Choonsik Yoo & Shri Navaratnam