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South Korea Update on COVID-19 Pandemic

Tai Jeong

By Tai Jeong

Country Director, Canada Wood Korea

April 23, 2020

South Korea has experienced one of the worst scenarios outside China at the onset of the outbreak. Still, thanks to the strong leadership, extensive quarantine measures, fast testing capability and elaborate contact tracing, the country has successfully flattened the curve and now focuses its effort on curbing the imported cases.

 

The International Monetary Fund (IMF) slashed South Korea’s outlook to minus 1.2%, which is the smallest among the 36 member states of the OECD. The IMF also predicts a so-called “V-shape recovery” for Seoul, forecasting 3.4% economic growth for the country next year.

 

The government of South Korea has also put forwarded quick economic policy response to mitigate the negative impact on domestic activities. However, given South Korea’s high degree of openness, the growth prospects are constrained by the weak external demand, as reflected in sharply lower growth projections for its main trading partners of China, the US and Japan.

 

The current status as of midnight on April 20, 2020, are as follows:

 

10,674                 Reported confirmed cases

8,114                   Released from isolation

2,324                   Isolated

236                      Reported deaths  

 

2.21%                  Mortality rate

563,035               Tests Performed

551,054               Tests Concluded