South Korea’s presidential office has touted the efficiency of the country’s response to COVID-19, saying it's was estimated to have a less negative impact on the economy than quarantine regimes in other countries.
Lee Ho-seung, senior presidential secretary for economic affairs, promoted the country's anti-virus efforts during a meeting with reporters, referring to a recent report issued by the U.S. National Bureau of Economic Research.
The organization analyzed the impact of the large-scale lockdowns in the U.K. and said it can lead to a contraction of gross domestic product by 20 percent.
According to the report, the loss fell to ten percent for less stringent lockdowns, under which businesspeople can be granted visas, and seven percent for the South Korean model, which relies on testing and contact tracing without lockdowns.
The presidential official also pointed to budding signs of local economic recovery, citing an on-year increase in credit card bills in May. Lee said the government’s confidence in its pandemic-related measures was also factored into the Korean New Deal stimulus policies announced earlier this week.