South Korea’s president, Moon Jae-in, has said that an important benefit the country may gain from being “able to steady COVID-19 a step ahead of most other countries” will be that it will be also be able to stimulate its economy earlier than most as well.

Mr Moon announced an economic relief package worth around $45 billion on April 8, saying two-thirds would go towards simulating exports with one-third of the money going into stimulating local consumption.

“The global economy is sinking into a severe recession and our export-dependent economy is consequently facing tsunami-like shockwaves,” said President Moon.

Separately, the government has announced a plan to help start-ups and small and medium enterprises.

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