Minimize damage

Quick, resolute measures are also needed for firms

While the government is making all-out efforts to prevent the spread of a new strain of coronavirus here, concerns are also growing that the global reach of the virus will hit Korea Inc. hard. The new virus has so far had a limited impact on the domestic economy, but it may do much damage to exports, consumption and overseas production, especially in China, in the coming days ― possibly for months.

This is surely not good for the export-oriented Korean economy. Fears of a global pandemic may reduce outbound shipments considerably. Quick and resolute responses are necessary in all economic sectors to minimize the damage and to ensure a speedy recovery. Reflecting those concerns, the country's main KOSPI index plunged 69.41 points, or 3.09 percent ― the biggest one-day loss since Oct. 11, 2018 ― to close at 2,176.72, Tuesday. In particular, firms which are more dependent on demand from China, such as retailers and tour, healthcare and cosmetics companies, suffered bigger falls.

Major Korean companies operating in Wuhan, the capital of Hubei Province in central China, where the virus emerged, have pulled their staff out of the provincial capital, and banned business trips to China. The government also decided to send four chartered planes to evacuate hundreds of South Koreans staying in Wuhan, which is on lockdown.

President Moon Jaein has sent a letter to Chinese President Xi Jinping, in which he pledged to provide all possible support to Beijing to contain the virus, according to Cheong Wa Dae. While visiting the National Medical Center in Seoul, Tuesday, President Moon urged the health authorities to mobilize all possible measures to prevent the spread of the virus. Especially, he called for thorough monitoring of all people who have recently flown into South Korea from Wuhan, saying the importance of "quick and broad" precautionary measures in dealing with such a highly contagious virus cannot be emphasized enough.

It is good to see the government working with a sense of crisis in fighting the virus. South Korea reported its fourth confirmed case of infection, Monday, a week after confirming its first patient with the disease. All the patients recently returned from Wuhan, and fortunately, any secondary infection has not yet been reported here. The first thing the health authorities should do is to check all people who entered the country from Wuhan in the two weeks following Jan. 13 because, according to experts, the incubation period for the new virus could be up to 14 days. The fourth patient, a 55-year-old man, had not shown any symptoms of illness when he returned from a trip to Wuhan, Jan. 20.