By Yungshin Jang (Korea Institute for International Economic Policy)
The COVID-19 has threatened almost every sector with unwanted challenges and risks. Competition policies are no exception. Under pandemic situations, competition authorities should expedite antitrust procedures, monitor unfair practices exploiting emergency situations, allocate resources efficiently, and share their experiences through the international network of competition enforcers.
However, given that the pandemic could make long term effects on our economy, more fundamental measures should be taken because we might not return to the pre COVID-19. Among others, the currently ongoing digitalization would be anticipated to accelerate and demand towards big governments strengthened while globalization more retreated to localization post pandemic. Responding to each of these challenges, competition authorities have to prepare and change in the new normal. They should exploit this crisis as an opportunity to preemp-tively upgrade their competition policies.