President Moon Jae-in called on the members of his Cabinet to cope with the current economic circumstances with calmness all in the midst of looming external factors.
"Our economic circumstances aren't looking that great with the deepening trade conflict between the U.S. and China as well as Japan's retaliatory trade restrictions."
President Moon also ordered his administration to exercise vigilance and strong determination in the face of growing 'fake news' and groundless speculation that only adds to market uncertainties.
That order came after Korea's stock markets saw heavy sell-offs last week-- with the KOSPI dropping to a three-year low over multiple external factors like the U.S.-China trade spat.
But despite all that, the president encouraged the nation and said the country still has firm economic fundamentals.
"As shown through global credit rating agencies' consistent assessment, our economic fundamentals are strong."
He cited a recent sovereign credit rating released by Fitch Ratings last week that kept South Korea at "AA-" with a stable outlook.
And he pointed out that Korea's rating was two notches higher than Japan's rating.
The president added that the domestic economy enjoys positive credibility on the back of its financial soundness resulting from a low government debt ratio.
The president also called on the government that it should be more determined to turn the challenges facing the nation into an opportunity to boost the economy and improve its competitiveness-- saying "time never waits for us."
Shin Se-min, Arirang News.