For our in-depth segment today, we're going to take a closer look at the fourth wave of the pandemic in South Korea and its impact not only on the broader economy but huge toll its taken on small business and what can be done about it.
And for that, I'm joined on the line by Dr. Song Soo-young, Professor of Economics at Chung-Ang University.
Professor Song, good afternoon. Thanks for coming back on.
Let's start with the distancing rules in Korea, which have put service businesses on the brink of collapse, and indeed many have simply had to close their doors. I'm referring especially to the limits on operating hours at restaurants, bars and cafes. We're paying a major cost to try and stop the virus. How effective do you think these measures are, and what else can be done without doing even more damage?
Zooming out, we can see the effect of the pandemic on Korean businesses that rely on production overseas. For example in Southeast Asia, Vietnam for one, the virus is a major challenge. Tell us about that, and how companies are dealing with the impact on their supply chains.
Finally, professor, what do you think the impact of the fourth wave will be, ultimately, on the Korean economy overall? We had a sustained recovery in the first half of this year at least, but let's say the impact this year and next?