Live Stock Market Tracker During Coronavirus Pandemic

The package announced on Wednesday will come in the form of cheap loans for the country’s exporters.

During an emergency meeting of senior economic policymakers, President Moon Jae-in said his government had also drawn up new measures worth 17.7 trillion won, or about $14.5 billion, to boost domestic consumption. He didn’t provide details.

“The global economy is being sucked into a severe depression and, as a result, our economy, heavily dependent on the external conditions, is facing a tsunami-like shock,” Mr. Moon said. “This is a tunnel, the end of which we cannot see yet.”

Mr. Moon revealed the new stimulus package as political parties in South Korea were campaigning for a crucial parliamentary poll next Wednesday. His governing Democratic Party had once appeared to face a tough campaign as Mr. Moon’s diplomacy with North Korea remained in a stalemate and discontent over a slowing economy deepened.

But the approval ratings of Mr. Moon and his party have been on the rise in recent weeks as South Korea was praised by other nations for its effective handling of the epidemic.

South Korea has aggressively deployed test kits and other disease-control resources to isolate patients and contain the virus. The number of new cases, once as high as 813 on Feb. 29, has dropped to around 50 in the past three days. The country had recorded a total of 10,384 coronavirus cases as of midnight Tuesday, with 200 deaths.

Catch up: Here’s what else is happening.

  • Jack Dorsey, the chief executive of Twitter and Square, said that he planned to donate $1 billion, or just under a third of his total wealth, to relief programs related to the coronavirus pandemic.

  • California struck a deal to secure nearly 200 million masks a month for health care workers, Gov. Gavin Newsom said late Tuesday. A spokesman for Mr. Newsom said the state would purchase the masks from overseas manufacturers in two separate deals with a California nonprofit and a California company, but did not provide further details.

Reporting was contributed by Ana Swanson, Stacy Cowley, Noam Scheiber, Liz Alderman, Jack Ewing, Conor Dougherty, Adam Satariano, Choe Sang-Hun, Jack Nicas, Austin Ramzy, Katie Robertson, Carlos Tejada and Amie Tsang.


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