These days, Coronavirus (COVID-19) has been affecting countries not only in terms of public health but also both economically and socially. For example, a lot of workers stay at home while taking personal days, and a lot of students have trouble learning, as schools are temporarily shutting down. More importantly and to serious effect, as people become hesitant about outdoor activities, there has been a constant economic stagnation.
The flow of current currency is far-reaching especially in Korea, suggesting the emergence of the country’s third largest financial crisis. As China is busy with addressing COVID-19 and cannot carry out trading with Korea as usual, Korea is having a hard time importing and exporting its products. China comprises a great part in Korea’s exports, suggesting that Korea’s economy will further deteriorate, with subsequent increase in its exchange rate.
The current economic situation is worse than ever, and, it seems that it will be quite difficult to restore it anytime soon. The economic decline is impacting immigrant families in particular to a much greater extent, especially related to financial stability and day-to-day livelihood.
COVID-19 is not just a domestic disturbance, but rather it is a concerning issue on immigrants and international students. It is true that immigrants and international students would undergo and face severe complications during these times of Coronavirus. Little differences in economy and its exchange rate leads to substantial differences in the long run. For those people who are planning to study abroad or move overseas, it is critical to keep track of the exchange rate and carefully monitor their financial situation before operating on the immigration process.
-Written By: Minji Kwon