Economics of COVID-19 in Korea: Quarantine measures vs. herd immunity

Kisu Kwon, Inkyo Cheong, Kyoungseo Hong, Valijon Turakulov and Jinjin Mou
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Kisu Kwon: Hankuk University of Foreign Studies
Inkyo Cheong: Inha University
Kyoungseo Hong: New York University
Valijon Turakulov: Inha University
Jinjin Mou: Inha University

EKONOMIAZ. Revista vasca de Economía, 2021, vol. 100, issue 02, 150-173

Abstract: As of the end of 2020, the cumulative number of COVID-19 cases in Korea was about 63,000, ranking 86th in the world. Among countries with a population of over 50 million in the world, there are no cases of successful quarantine such as Korea. The economic growth rate in 2020 was forecasted to be -1.9% (IMF 2020), the highest among OECD countries. This paper reviews the spread of COVID-19 and measures taken to combat the coronavirus in Korea in 2020 and analyzes how COVID-19 has impacted the Korean economy in terms of its exports, production and GDP. Despite the successful quarantine, policy considerations were insufficient to form herd immunity through vaccination. Hence the study also examines the ramifications of delayed formation of herd immunity.

Keywords: 3T; COVID-19; herd immunity; social distancing; stimulus package (search for similar items in EconPapers)
JEL-codes: E29 F19 I18 (search for similar items in EconPapers)
Date: 2021
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