South Korean Economy Appears to Revitalize as COVID Restrictions Ease

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On Nov. 1, South Korea began its “coexist with COVID” pandemic prevention exemplary successful phases aimed to reconstruct mundane beingness and order. That night, restaurants successful South Korea were filled with customers, and the streets appeared to person regained vitality.

In the past fewer months, galore countries successful Asia and Oceania person shifted their strategies to coexist with the Chinese Communist Party (CCP) virus alternatively than eliminating it. And South Korea is 1 of the latest additions to instrumentality its “living with COVID” pandemic approach.

On the evening of Nov. 1, an Epoch Times newsman visited Seochon Street adjacent Gyeongbokgung Palace successful Seoul and recovered that astir restaurants were crowded with young customers. The nutrient thoroughfare appeared to person regained its pre-COVID vitality.

Since implementing the caller pandemic prevention model, South Korea has seen a important spike successful planetary question bookings. According to Wemakeprice, a South Korean e-commerce platform, its overseas aerial summons income from Oct. 1 to Oct. 25 accrued 790 percent compared to the erstwhile month. Nearly 90 percent of customers paid for tickets that depart earlier the extremity of this year.

In addition, the 2021 Korea Sale Festa (COSEPE) besides started connected Nov. 1. COSEPE is South Korea’s largest yearly buying festival, and this twelvemonth it was organized by the Korean government, the Festa promotion committee, and 17 cities successful Korea. It is simply a simultaneous online and offline income lawsuit that lasts until Nov. 15. More than 2,500 companies participated successful this year’s Festa, the astir successful history.

As South Korea eases its COVID restrictions and reopens the economy, the labour shortage has go an contented for small- and medium-sized enterprises. According to News 1 Korea, South Korea’s Minister of Employment and Labor Ahn Kyung-deok said its authorities volition statesman to assistance the overseas labour introduction restrictions owed to the pandemic.

“Entry restrictions volition beryllium lifted from the extremity of November astatine the latest,” Ahn said Monday, suggesting his ministry plans to grow labour introduction to 16 countries.

The New Three-Phase COVID Prevention Model

South Korea’s “coexist with COVID” prevention exemplary consists of three phases, and the archetypal signifier volition past until Dec. 12. In the archetypal phase, each nationalist facilities but amusement facilities are allowed to run 24 hours a day. The maximum fig of radical permitted to be backstage gatherings is 10 successful metropolitan areas and 12 successful non-metropolitan areas, careless of vaccination status. Gatherings and events tin beryllium held with up to 100 people, with nary vaccination requirement.

Large-scale gatherings and activities volition beryllium allowed astatine the opening of the 2nd phase. The 3rd signifier volition wholly assistance the restrictions connected backstage gatherings and afloat resume a mean life.

However, if the intensive attraction portion (ICU) occupancy rates transcend 75 percent, the authorities volition initiate an “emergency plan,” suspending the measures to reconstruct regular life. The exigency program volition instrumentality a “pandemic prevention pass” system, tightening the restrictions connected backstage gatherings, banning visits to nursing homes, conducting microorganism tests for aesculapian personnel, and securing infirmary beds. On Oct. 23, South Korea said it had achieved its extremity of vaccinating 70 percent of its 52 cardinal people, according to Reuters.

South Korea hopes the caller COVID prevention exemplary tin boost its home system amid a planetary economical downturn. According to KBS World, a South Korean planetary broadcasting service, South Korea’s exports look to beryllium successful bully shape. Its export measurement had accrued for 12 consecutive months, and its mean monthly export measurement for the past 8 months had exceeded $50 billion. From January to October this year, South Korea’s full export measurement reached $523.2 billion, surpassing past year’s yearly export measurement and achieving $500 cardinal successful exports successful a record-breaking time.

However, South Koreans inactive person reservations astir the caller prevention exemplary and its effect connected the economy. Some experts judge the exemplary has a constricted interaction connected restoring home depletion portion the emergence successful planetary lipid prices and earthy worldly prices has led to ostentation domestically. And galore fearfulness the caller exemplary whitethorn pb to caller uncontainable outbreaks. These uncertainties person brought caller challenges to the South Korean authorities and its economy.

Different Strategies Toward COVID

Governments worldwide mostly person two strategies toward the pandemic, “zero COVID” oregon “coexist with COVID.”

With the Delta variant of the CCP microorganism having a faster and stronger transmission quality than the archetypal strain, the outgo of eliminating the microorganism successful countries increases significantly. Under economical unit and hard trade-offs successful effect to the pandemic, galore governments person gradually opted for “mitigation (coexist with COVID)” alternatively than “elimination (zero COVID).”

Presently, the United Kingdom, France, Germany, Israel, Singapore, and galore countries successful Asia-Pacific person introduced their “coexist with COVID” pandemic prevention model. However, Taiwan, Hong Kong, and China inactive adhere to the “zero COVID” strategy, with Taiwan having the top occurrence each around.

The “coexist with COVID” pandemic prevention exemplary aims to dainty the CCP microorganism arsenic a semipermanent flu-like epidemic alternatively of a pandemic. Instead of preventing the virus’ spread, galore governments person turned to wide vaccination. The absorption is nary longer to trim caller COVID cases but to absorption connected the absorption of critically sick patients.

Lisa Bian

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