Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Republic of Korea 05 05 - Health and income support KRW 75,100,000,000,000 61,553,019,719
Republic of Korea 05A 05A - Health support KRW 2,100,000,000,000 1,721,189,633 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020).

(i) March 17, The National Assembly approved the budget of KRW2.1 trillion for disease control, i.e., epidemic prevention and treatment, support for medical institution and quarantined people; (ii) April 14, No amount/estimate: Temporary elimination of import tariffs on surgical and sanitary masks and melt blown filters until June 30, 2020.

Republic of Korea 05B 05B - Income support KRW 73,000,000,000,000 59,831,830,087 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2020&no=217288 (accessed 29 June 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2019&no=387490 (accessed 29 June 2020). Ministry of SMEs and Startups. https://www.mss.go.kr/site/smba/ex/bbs/View.do?cbIdx=86&bcIdx=1019337&parentSeq=1019337 (accessed 25 June 2020). AHK. https://korea.ahk.de/fileadmin/AHK_Korea/Navigation_menu/News/COVID19/Update_COVID-19_07_07.pdf (accessed 9 July 2020). Nikkei Asian Review. https://asia.nikkei.com/Economy/South-Korea-budgets-6.6bn-for-fourth-round-of-coronavirus-aid#:~:text=SEOUL%20%2D%2D%20South%20Korea%20on,recent%20resurgence%20in%20coronavirus%20cases. (accessed 11 September 2020).

(i) February, The government announced emergency support of KRW20 trillion for households and damaged industries, such as tourism and export industries; (ii) March 2, Reduced taxes on new car purchases for 3 months. On June 5, the measure was extended by another 6 months until end-December 2020. (iii) In March 17: The National Assembly approved (a) loans and guarantees for small businesses, indirect support of wage and rent for small merchants (KRW4.1 trillion), (b) consumption coupons for the poor, emergency family care and employment retention support (KRW3.5 trillion), and (c) support for issuing local gift certificate, local government grants for infection prevention (KRW1.2 trillion); (iv) March 31, The government announced an emergency relief payment plan of KRW9.1 trillion (USD7.4 billion) to address the virus outbreak. The government plans to pay relief checks to households in the bottom 70% income bracket (around 14 million households), of up to KRW1 million (USD820) per household. For this, a second supplementary budget was submitted to the National Assembly and passed on April 30; and (v) No amount/estimate: Some local governments have announced cash support for people (a) Gyeonggi province announced KRW100,000 (USD82) to all residents, and (b) Seoul and Daejeon have a similar plan without specific criteria. (vi) July 3, the National Assembly approved the third supplementary budget worth KRW35.1 trillion with KRW23.7 trillion in new spending and KRW11.4 trillion revenue adjustment and support tax reductions. (vii) September 11, The government drafted a fourth supplementary budget worth KRW7.8 trillion, including cash payments to small businesses and self-employed workers, which will be subject to parliamentary approval.

Republic of Korea 09 09 - International Assistance Provided KRW 9,721,648,145,455 7,968,000,000
Republic of Korea 09A 09A - Swaps KRW 9,233,613,600,000 7,568,000,000 BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020).

April 7, USD7.568 billion bilateral currency swap arrrangement with Bank Indonesia.

Republic of Korea 09B 09B - International loans/grants KRW 488,034,545,455 400,000,000 PDI. https://newsinfo.inquirer.net/1265321/covid-19-pandemic-s-korea-to-offer-400m-to-emerging-nations-will-suspend-debt-payments#ixzz6LAu9V5KR (accessed 1 May 2020).

Finance Minister Hong Nam-ki said the government will offer more than USD400 million to emerging nations this year for health projects against the novel coronavirus through the Economic Development Cooperation Fund, along with postponing debt payments worth USD110 million for 26 countries.

Republic of Korea 11 11 - Other Economic Measures KRW WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152660 (accessed 22 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152874 (accessed 22 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-southkorea/south-korea-announces-29-billion-third-stimulus-budget-to-fight-virus-misery-idUSKBN23A03Y?il=0 (accessed 3 June 2020). Reuters. https://www.reuters.com/article/us-southkorea-economy-housing/south-korea-finance-minister-says-will-raise-tax-rates-for-multiple-home-owners-idUSKBN24B04X?il=0 (accessed 10 July 2020). Reuters. https://www.reuters.com/article/us-southkorea-economy-tax/south-korea-scales-back-capital-gains-tax-on-stocks-hikes-income-tax-for-top-earners-idUSKCN24N0GU?il=0 (accessed 22 July 2020). FSC. http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 (accessed 28 August 2020).

(i) April 14, Temporary export ban on surgical and sanitary masks and melt blown filters. (ii) May 18, The FSC announced various measures to improve the exchange-traded fund and exchange-traded note markets to contain overheated investment demand and mitigate excessive concentration in particular investment products. (iii) May 19, the FSC announced implementation plans on measures to improve supervision of financial conglomerates: (a) introduce a group-wide risk assessment system which combines the currently distinct risk concentration and risk transfer categories into a single comprehensive framework for assessing capital adequacy requirements; (b) begin integrated group-wide disclosure in September through which the six financial conglomerates will gather required information from their subsidiaries and provide group-wide disclosure of information on 8 sections and 25 categories, including ownership & governance structure, internal risk management procedures, financial soundness, etc.; (c) introduce a group-wide internal control system in the second half of this year by having the six financial conglomerates establish and operate their own internal control council operate their own internal control councils and standards by the end of the third quarter this year. (iv) July 10, the Finance Minister announced the government will raise real estate taxes on properties valued over KRW600 million for multiple home owners and encourage renters to unload homes; capital gains tax rates will also be increased. As of July 22, The government clarified its planned revisions to the tax code pertaining to capital gains: (a) up to 25% tax on capital gains exceeding KRW50 million a year for retail stock market investors starting 2023; (b) starting October 2021, annual gains of more than KRW2.5 million from trading of cryptocurrencies will be subject to a 20% capital gains tax for local residents; and (c) a hike in income tax on earnings exceeding KRW1 billion a year from 42% to 45%. (v) August 27, The FSC announced an extended temporary ban on short-selling of stocks to March 15, 2021.