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Moon calls for joint efforts by ministries to minimize economic fallout from COVID-19 Updated: 2020-02-18 07:01:39 KST

President Moon Jae-in says it's time for total efforts to revive the economy amid fears of a contraction due to the coronavirus outbreak.
He received briefings Monday from four government bodies including the ministries of finance and trade on economic policies for 2020.
Moon called for concrete changes this year, saying that COVID-19 is weighing on the economy.

Domestic consumption and leisure activities have seen an excessive contraction because of overinflated fear and concerns. It's time for all efforts to be put into revitalizing the economy while protecting the people's safety.

Moon also called for efforts for mutual prosperity one of the key policies the government has pushed for to achieve inclusive growth.
He noted that small businesses are suffering from high rent amid the economic slowdown.
Citing the example of landlords temporarily lowering rent voluntarily for shops in Jeonju Hanok Village, the president expressed hope that such campaigns are able to spread nationwide.

Along with strong support from the government, I hope landlords and tenants are able to work together so they can coexist.

President Moon also praised the ministries' efforts to deal with the export restrictions imposed last year by Japan, adding that it was a chance for South Korea to boost its competitiveness by developing homegrown materials and parts.
It was an example, he said, of turning crisis into opportunity, adding that it was made possible by unity among the government, companies and the people.

The experience of cooperation between large and small companies and supply and demand firms as well as pan-governmental collaboration will be a good lesson that will enable us to resolve similar problems in the future.

Moon also reassured the public that they can resume their daily lives as usual, calling for trust in the quarantine efforts of the government, whose officials are doing their best.
Kim Min-ji, Arirang News.
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