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Economist: S. Korea Least Vulnerable to Long-term Economic Effect of COVID-19

Write: 2020-12-16 18:59:28Update: 2020-12-16 19:03:47

Economist: S. Korea Least Vulnerable to Long-term Economic Effect of COVID-19

Photo : YONHAP News

The U.K.-based Economist magazine has assessed South Korea as being less vulnerable economically to the long-term fallout of COVID-19 than many other major countries. 

On Tuesday, The Economist announced a chart where it assessed countries by using 31 indices measuring economic vulnerability. The indices, including economic structure, gross domestic product growth and consumer confidence, were selected based on past crises, including epidemics such as Ebola, and SARS, as well as the 2007-2009 global financial crisis. 

On a scale of zero to 10 with 10 indicating the most vulnerable economic conditions, South Korea was at three, the lowest among all the major countries shown in the chart. Australia came in second, followed by Germany, China, Sweden, the U.S., Brazil and Nigeria. 

The Philippines was shown to be the most vulnerable economically to the pandemic at slightly over seven. 

The Economist said emerging economies were expected to suffer more long-term losses from the pandemic than advanced countries because of their vulnerability in terms of labor market rigidity and state fiscal support.

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