April 21, 2020 10:55
The coronavirus epidemic could result in the loss of 330,000 jobs and drastic government action will be needed to prevent this, the Korea Economic Research Institute warned Monday.
KERI projected in a report that Korea's economy will shrink 6.7 percent.
"The projected figure of 330,000 is equivalent to 28.2 percent of all unemployed people as of March of this year," Choo Kwang-ho at KERI said.
"We could face the second worst unemployment situation since the 1998 Asian financial crisis," when the number of jobless people soared to 922,000.
KERI urged the government to give more benefits for jobless people, offer soft loans to small businesses, and expand aid to more industries hit by the epidemic.
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