Categories: HealthNews

Coronavirus To Cause Permanent Changes In South Korea Economy, Business Environment

SEOUL, June 29  — The new coronavirus pandemic will likely have a lasting effect on various ways of life, such as where and how people shop, possibly leading to permanent changes in the global economy and trade, a South Korean central bank report suggested Monday.

Some of the changes maybe for the better for some countries, but some may be for the worse for others, Yonhap news agency quoting the central bank as saying.

“The COVID-19 pandemic may not stop at causing an economic slump globally but is highly likely to cause changes in the behavior of economic agents,” the Bank of Korea (BOK) said in its report.

For instance, households will likely become more risk-averse as they face immediate threats to their own safety and livelihoods, while businesses are expected to place increased emphasis on stability and flexibility as they face unexpected production disruptions, it noted.

“With an increased need for households and businesses to expand contact-free activities, the shift to a digitalized economy will likely be accelerated, while the move toward de-globalization may also be enhanced, along with enhanced trade protectionism,” the report said.

Such changes, however, will vary in different countries, depending on how each country deals with them.

“For instance, accelerated digitalization may have a positive impact on productivity in some countries, but in other countries, it may be highlighted for a reduction in labor input,” the BOK said.

“Uncertainties over the speed of such changes, as well as their directions, still remain high, but even if the economy breaks away from the impact of the coronavirus-caused crisis, it will be difficult to expect the behaviors of households, companies and the government to return to the pre-pandemic stage,” it added.

Sources: BERNAMA

Adib Mohd

Recent Posts

Zizan Razak Is Now G-SHOCK Malaysia’s First-Ever Brand Ambassador And It Just Makes Sense

From comedy king to watch icon, Zizan Razak has just landed a major new role… Read More

4 days ago

Honouring the Everyday Athlete: ASICS Shares Stories at the Ladies Pickleball Special

On 24 May, ASICS Malaysia’s Ladies Pickleball Special 2025 saw a celebration of strength, laughter… Read More

4 days ago

Pavilion Bukit Jalil Hosts “All Play All Day” to Mark Mattel’s 80th Anniversary

This school holiday, Pavilion Bukit Jalil is turning up the fun with Mattel’s 80th anniversary… Read More

4 days ago

Next-Level Comfort: ASICS Unveils GEL-KAYANO™ 32

Runners and sneakerheads, brace yourself.  ASICS just unleashed the latest version of its cult-fav stability… Read More

4 days ago

Marks & Spencer Unwraps Summer Surprise: Enjoy Up to 25% Off In-Store!

Get ready for a season of style, savings, and surprises! Marks & Spencer (M&S) has… Read More

4 days ago

MUJI Unveils New Sensitive Skincare & Fermented Series for Gentle, Nourishing Care

MUJI introduces its latest innovation in skincare, the Sensitive Skincare & Fermented Series, carefully crafted… Read More

4 days ago

This website uses cookies.