Recently, COVID-19 has killed many people so the government is stopping people from going outside to avoid contact with people who are infected with the corona virus. Consequently, this is causing damage to the economy. So, how does South Korea restore the economy? There are two ways that South Korea is doing to restore the economy. The first one is the New Deal policy, and the second one is a financial supplement.

▲ Decrease of export on average per a day

Unlike usual situations, currently, the situation is so dangerous, and it is stopping the people from going to work. So, Korea lost around 2.9 billion in tourism income. Also, pandemic decreased the rate of economic growth because there is less consumption than usual.

▲ New Deal policy in Korea

The New Deal policy is the solution that the government is doing to make the economy better. This is composed of three parts. The first one is the Digital New Deal. This makes the performance of digital programs better and helps digital classes to have good performance. The second is the Green New Deal. This is composed of three parts. The first one is the green transformation of urban and living infrastructure. This is the restoration of the green ecosystem in the land, ocean, urban areas, and green industries that protect the environment. The next is renewable energy. An example of this use of eco-friendly cars around South Korea. The last one is building the safety net. This aims to give young people a job easily online or offline.

The next policy is a financial supplement. This is the support fund according to the people's income. The support fund has two ways to give the benefit to the people. The first one is that the government gives each household money. The second one is the coupled system. In this system, the government gives the people some coupons. Then, people can buy some things that they need to buy using coupons. The main beneficiaries of these coupons are freelances or workers who work alone.

These policies are confronted with a lot of opposition or agreement. However, the specialists say that some of the possible solutions can be suitable for the situation we are in.

By Woo Jin Park