IMF Chief Says Korean Economy Least Hit by Coronavirus

The chief of the International Monetary Fund on Wednesday said Korea's economy has suffered the smallest damage in the OECD from the coronavirus crisis.

IMF Managing Director Kristalina Georgieva made the remarks in a virtual conference with Finance Minister Hong Nam-ki.

According to the Finance Ministry, they discussed ways to strengthen cooperation between Korea and the IMF and how Korea has responded to the epidemic.

Georgieva said Korea has suffered the least economic damage in the bloc of rich countries thanks to its rapid response to the coronavirus outbreak.

Recently, the IMF predicted the Korean economy will contract by 1.9 percent this year, the second best outlook in the OECD after Lithuania's -1.8 percent.

Hong said Korea has been able to minimize damage from the epidemic with "balanced fiscal measures" by implementing four supplementary budgets as well as effective quarantine measures.