Finance Minister Hong Nam-ki has reiterated the need to ease regulations on local businesses as part of efforts to cushion the country against the growing economic shock of the COVID-19 outbreak. 

In a meeting with senior officials of the Ministry of Economy and Finance on Monday, Hong projected the fallout from the pandemic will materialize more significantly from the second quarter and linger in the months beyond.

Hong cited the government’s planned fiscal, financial and tax policies for the second half of the year and instructed officials to review other measures that can induce investment and boost both corporate and consumer sentiment. 

Minister brought up deregulation as an example of a support measure while also calling for policy ideas to to help create quality jobs in the private sector.