This paper analyzes how the Republic of Korea (Korea) halted the massive transmission of COVID-19 in just two months. The quarantine was achieved successfully without any need for a national lockdown because, simply, Korean citizens actively followed quarantine guidelines. During the 2015 Middle East Respiratory Syndrome (MERS) outbreak, the country recognized the importance of an early response in the form of a systematic approach and adopted the necessary procedures. Comparing the spread of COVID-19 among different countries, Korea demonstrated several distinct characteristics. First, the duration of the coronavirus crisis was relatively short, and Korea was able to flatten the coronavirus curve in a brief period. Secondly, Korea blocked expanded transmission of the virus without implementing a national lockdown. Third, the coronavirus pandemic did not lead to economic panic. Korea, which had developed an institutional response to infectious diseases prior to COVID-19, used a strategy of balancing quarantine measures with economic policies. The paper summarizes the specific measures Korea implemented to overcome COVID-19, and discusses the sustainability of the economy after overcoming the virus.
With the development of cosmopolitanization and globalization, dense population and large-scale population flow not only make the economy more integrated, but also make the spread of the plague more rapidly. The impact is unprecedented. The outbreak of COVID-19 has disrupted the Chinese economy and is spreading globally. The evolution of the disease and its economic impact is highly uncertain. Because of its high infectivity, high mortality and incubation period, the main preventive measures are to control social distance and isolation, which makes many economic activities impossible. Global GDP will fall by as much as 3%, while developing countries will be the hardest hit, as much as 4% on average, but some were more than 6.5% and world merchandise trade will plummet by 13% in 2020 due to the COVID-19 pandemic. This paper analyzes the macro economic impact of new coronavirus on the world GDP, merchandise trade (taking China as an example with other countries), and various industries, and proposes some countermeasures.
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