Current Korea
Post-Pandemic Korea
The COVID-19 pandemic has pushed the world economy into a slowdown, leaving millions unemployed and causing numerous businesses to shut down. As Korea heads toward a post-pandemic era and the government seeks to restart the economy, President Moon Jae-in is utilizing a strategy of fostering high-tech industries that have proven effective and thrived amid the pandemic.
Written by • Sohn Ji-ae
President Moon Jae-in on April 27 participates in a challenge to thank medical professionals ahead of a meeting of senior presidential aides at Cheong Wa Dae. © YonhapNews
The COVID-19 pandemic has fundamentally transformed daily life for everyone. Under strict rules for social distancing, people avoided going to crowded places like restaurants, concert venues and movie theaters. Instead of grocery stores, Koreans purchased necessities online using the country¡¯s world-class e-shopping platforms and delivery services. With workplaces forced to close across the nation, telecommuting and videoconferencing grew more common. Students also took online classes.
Keen to get the struggling economy back on track after weeks of restrictions, the government from April began relaxing social distancing guidelines and initiating a phased reopening of society. Businesses reopened, workers returned to work and traffic was heard again on the street.
New Vision for Post-Pandemic Era
Marking his third year in office on May 10, President Moon Jae-in outlined his plans for his two remaining years in office to overcome COVID-19 and revive the pandemic-stricken economy.
His vision is for Korea to assume a bigger leadership role in the world given its hailed response to and containment of the coronavirus.
The president proposed to fuel the post-COVID-19 economy by ¡°fostering industries that proved effective and thrived in the pandemic situation,¡± such as medical services that require no physical interactions, online education and transactions, and retail distribution.
He also pledged to make the nation ¡°a globally leading digital powerhouse¡± in collaboration with innovative business ventures and startups possessing technologies of the Fourth Industrial Revolution.
Based on its excellent infrastructure and competitiveness in information and communications technologies, he added, Korea will blaze a trail in the post-COVID-19 era with a cutting-edge economy.
The president also expressed confidence that the nation¡¯s safe and transparent production base would attract high-tech companies and investment from abroad looking for innovative capabilities and safe investment destinations. ¡°Korea will become a ¡®world factory of high-tech industries,¡¯ thereby changing the global industrial map,¡± he said.
Maintaining Vigilance
President Moon Jae-in on May 10 delivers a speech marking his third year in office. © YonhapNews
President Moon also warned against complacency amid the relaxing of social distancing restrictions, citing the recent surge of confirmed cases at clubs in Seoul¡¯s Itaewon neighborhood that spread to surrounding areas.
This latest spate of infections put the government¡¯s reopening plans on hold, forcing the closure of restaurants and other entertainment establishments again just after their reopening. Schools were also ordered to delay the start of the 2020 year.
Warning of a second wave of infections, the chief executive said, ¡°The infection cluster has raised awareness that even during the stabilization phase, similar situations can arise again, anytime, anywhere in an enclosed, crowded space.¡±
¡°We must never lower our guard regarding epidemic prevention. It¡¯s not over until it¡¯s over.¡±
