A NEW round of social distancing rules took effect yesterday in the South Korean capital of Seoul, dealing a blow to small business owners despite brighter hopes for economic recovery after earlier success in battling the coronavirus.

The measures range from closures of nightclubs and karaoke bars and curbs on eating in cafes and restaurants to fewer nighttime public transit services and limits on religious services, weddings and funerals for the next two weeks.

“I feel like I’ve been left alone in the dark,” said Jung Gong-dan, who runs a pub near the capital’s Itaewon district, saying she has lost hope after a ban on dining in restaurants after 9 p.m.

The “emergency pause” in activity in the densely-populated capital and surrounding areas aims to damp a resurgence in outbreaks in offices, schools and small gatherings that have combined to drive a third wave of infections.

Asia’s fourth-largest economy returned to growth in the third quarter, reversing its sharpest contraction in more than a decade, as the government pushed through stimulus measures, and major trading partners eased virus curbs.

The benchmark KOSPI stock index hit its all-time high yesterday, for a dramatic gain of 83 percent from its 2020 low soon after the pandemic hit in late March, as authorities cut interest rates and poured money into the financial system.

But the revival of financial asset prices has shown little spillover into the real economy, as owners of small businesses and street shops shut down in the face of the new restrictions.

“I’m planning to launch a takeout wine sale with discounts, which is the only way to head off a cash crunch, given revenue drops throughout the year,” said a wine bar owner, who runs two stores in downtown Seoul.

The owner, who asked to be identified only by her surname, Kim, said she had bought supplies worth 10 million won (US$9,000) in expectation of a surge in year-end reservations.

The usual bustling activity and long queues in many of Seoul’s shopping streets and nightlife areas was missing starting Monday evening.(SD-Agencies)