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Post-coronavirus world economic environment

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By Chang Se-moon

Professor Kwak Soo-il, who is widely respected for his contribution to management science in Korea and is now a member of the National Academy of Sciences, and professor Cho Nam-shin, who teaches management at the Hankuk University of Foreign Studies, invited me to give a presentation to members of the Korea Management Development Institute.

Today's article is a summary of my May 27 presentation, which was given via zoom as I'm in the Washington, D.C. area in the U.S.

One graph that best describes the problem from the killer virus is the Weekly Economic Index released May 5 by the Federal Reserve Bank of St. Louis. The index is based on 10 different daily and weekly series covering consumer behavior, the labor market and production.

Questions that the graph poses include how bad the economic impact will be, when the end of the virus will come, and how the economy will look when it ends.

The Congressional Budget Office projects the U.S. economy will decline by about 12 percent during the second quarter of this year, which is equivalent to an annual rate of........

© The Korea Times