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

Author

Listed:
  • Kisu Kwon

    (Hankuk University of Foreign Studies)

  • Inkyo Cheong

    (Inha University)

  • Kyoungseo Hong

    (New York University)

  • Valijon Turakulov

    (Inha University)

  • Jinjin Mou

    (Inha University)

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.

Suggested Citation

  • Kisu Kwon & Inkyo Cheong & Kyoungseo Hong & Valijon Turakulov & Jinjin Mou, 2021. "Economics of COVID-19 in Korea: Quarantine measures vs. herd immunity," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 100(02), pages 150-173.
    • Handle: RePEc:ekz:ekonoz:2021210
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    More about this item

    Keywords

    3T; COVID-19; herd immunity; social distancing; stimulus package;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • F19 - International Economics - - Trade - - - Other
    • E29 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Other

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