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S. Korea's finance minister warns of deglobalization risks over pandemic

10:11 July 09, 2020

SEJONG, July 9 (Yonhap) -- South Korea's finance minister has said that the process of deglobalzation is being accelerated in the wake of the coronavirus pandemic, but the world must embrace this crisis as an opportunity to promote shared prosperity.

Finance Minister Hong Nam-ki made the remarks at an online meeting with finance ministers from Group of 20 countries and Paris Club creditor nations Wednesday, the ministry said in a statement.

"It's a fact that worries about deglobalization are growing over COVID-19," Hong said.

"However, coalition and cooperation are more important in time of crisis, and the G-20 should play a role of compass to promote shared prosperity of the human race," Hong said.

Finance Minister Hong Nam-ki speaks at an online meeting with finance ministers from Group of 20 countries and Paris Club creditor nations on July 8, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

The pandemic has been exposing inequalities between haves and have-nots, Hong said.

Hong urged the G-20 to make efforts to bridge the wealth gap, and cope with economic and social changes after the pandemic.

Hong also called for the G-20 to build a new global financial safety net, saying another financial crisis may emerge once the pandemic wanes.

The new coronavirus has infected about 12 million people worldwide and killed more than 500,000 since it originated in China late last year.

The virus is expected to take a huge economic toll on the global economy this year.

The Organization for Economic Cooperation and Development expects the world economy to contract 6 percent this year, marking the worst contraction since the Great Depression in the 1930s.

kdh@yna.co.kr
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