SEOUL (Reuters) – South Korea is ready to boost policy support to aid the economy hammered by the coronavirus should the rate of infection worsen significantly, its vice finance minister said on Tuesday.

“(Some) downturns are inevitable in the real economy due to the tightened preventive measures,” Kim Yong-beam said at a policy meeting, adding policies will be reinforced as needed.

Kim also said authorities stand ready to act to stabilize financial markets if needed, as a number of factors outside the COVID-19 outbreak including leadership changes in Japan and uncertainty in the United States could also increase market volatilities.

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