Epidemic MAY COST 330,000 Jobs
21 April, 2020
The coronavirus epidemic could bring about the increased loss of 330,000 jobs and drastic government action will be had a need to prevent this, the Korea Economic Research Institute warned Monday.
KERI projected in a written report that Korea's economy will shrink 6.7 percent.
"The projected figure of 330,000 is the same as 28.2 percent of all unemployed people as of March of the year," Choo Kwang-ho at KERI said.
"We could face the next worst unemployment situation because the 1998 Asian financial meltdown," when the amount of jobless persons soared to 922,000.
KERI urged the federal government to provide more benefits for jobless people, offer soft loans to smaller businesses, and expand aid to more industries hit by the epidemic.
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