[SOUTH KOREA] Tackling COVID-19: Health, Quarantine and Economic Meas~

[SOUTH KOREA] Tackling COVID-19: Health, Quarantine and Economic Measures of South Korea

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  • Ref.: 14106
  • Title: [SOUTH KOREA] Tackling COVID-19: Health, Quarantine and Economic Measures of South Korea
  • Caption: With the spread of COVID-19, the world is facing an unprecedented economic and health crisis. Against such extreme situation, Korea is becoming a sign of hope and a model to follow. The number of new cases dropped significantly from hundreds to a hundred in 3 weeks. Following this successful outcome, the Korean government has been receiving inquiries about its response against the coronavirus. Examining the health, quarantine and economic measures by the Korean government will provide valuable insights on how to tackle COVID-19. The key measures taken by the Korean government can be summarized as 3Tʼs: Test, Trace and Treat.
  • Copyright: Ministry of Economy and Finance
  • Duration: 00:09:38
  • Language: EN
  • Creation Date: 16/04/2020
  • Collection: Videos - grand public
  • Keywords: HEALTH, KOREA R, POLITICAL MEASURE

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 FURTHER INFO

  • With the spread of COVID-19, the world is facing an unprecedented economic and health crisis. Against such extreme situation, Korea is becoming a sign of hope and a model to follow. The number of new cases dropped significantly from hundreds to a hundred in 3 weeks. Following this successful outcome, the Korean government has been receiving inquiries about its response against the coronavirus. Examining the health, quarantine and economic measures by the Korean government will provide valuable insights on how to tackle COVID-19. The key measures taken by the Korean government can be summarized as 3Tʼs: Test, Trace. TEST ① Test - Drive-through Drive-through test centers are being recognized around the world for its efficiency. It reduces the time required to only 10 mins. ① Test - Self-diagnosis app In addition, all individuals entering the country must report their health conditions on an easy-to-use self-diagnosis mobile application. TRACE ② Trace - epidemiological investigations Credit card transactions, CCTV recordings and GPS data on mobile phones are utilized, then relevant anonymized information is disclosed to the public. information is disclosed to the public. ② Trace - Monitoring of contacts An innovative ‘safety protection applicationʼ allows the one-on-one assigned government staff to monitor the close contactsʼ symptoms twice a day, and be alerted when self-quarantine orders are broken. TREAT ③ Treat - Classification of patients by symtoms Moderate and severe cases are immediately hospitalized for treatment, while mild cases are isolated and monitored at living and treatment support centers. ③ Treat - COVID-19 protection hospitals For non-COVID-19 patients, there are two types of hospitals that provide separated care and services for both respiratory and non-respiratory patients. ③ Treat - Clinical testing and R&D The government is currently accelerating the clinical testing and R&Ds of vaccines and therapies by working closely with the private sector. Extraordinary and Preemptive measures In parallel with the 3 Tʼs preventing the spread of the coronavirus, the Korean government has also undertaken economic and financial measures to minimize COVID-19ʼs impact on the economy. ① Economic measures The government introduced its economic measures for 150 trillion won in response to the growing COVID-19 pandemic. With the total indirect economic impact expected to reach 349 trillion won, these measures will provide relief funds to SMEs, other businesses suffering loss due to the current pandemic, and households in order to stabilize the financial market and boost spending. ② Financial measures For the financial measures, The Monetary Policy Board of the Bank of Korea decided to lower the Base Rate by 50 basis points from 1.25% to 0.75% In addition, The Bank of Korea and the Federal Reserve established a temporary bilateral currency swap arrangement to provide U.S. dollar liquidity. This will support the provision of U.S. dollar liquidity up to 60 billion USD in exchange for Korean won. In addition to the 3 Tʼs and the economic and financial measures, the most important factor in the fight against the coronavirus is the citizens. The high level of civic awareness and voluntary cooperation is the most important measure in preventing the spread and fight against the coronavirus. We hope that information on Koreaʼs measures against COVID-19 will help other governments, businesses, medical institutions and societies in finding measures to fight COVID-19.