Vice Finance Minister AnIl - whan speaks at a meeting with senior ministry officials on June 9 . [ YONHAP ] Vice Finance Minister An Il - whan called Tuesday for the National Assembly to swiftly approve the third extra budget to help drive economic recovery as the coronavirus pandemic resulted in contractions across industrial sectors . Last week , Korea proposed its third extra budget worth 35 . 3 trillion won ( $ 29 billion ) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs . " The effectiveness of this extra budget depends on its speed and timing , " An told a meeting with senior ministry officials . If approved , Korea will spend more than 75 percent of the budget within three months , An said . Korea ' s economy contracted 1 . 3 percent in the January - March period from the previous quarter , compared with a 1 . 4 percent contraction estimated in April , according to the Bank of Korea . The first - quarter contraction is the worst quarterly drop since the final quarter of 2008 , when it shrank by 3 . 3 percent . Korea ' s export - reliant economy is expected to suffer a bigger setback from the pandemic as the novel coronavirus disrupted global businesses and ravaged consumer demand . Yonhap