The Ministry of Economy and Finance has expressed its concern over the impact of the coronavirus outbreak on the South Korean economy.
According to the ministry's monthly greenbook report released on Friday, the country's economic recovery could be limited by the impact of the coronavirus.
The ministry was otherwise optimistic, saying that the Korean economy is on a recovery path on the back of increasing employment, rising production and investment in facilities and a rebound in domestic consumption in the 4th quarter of last year.
The greenbook highlighted that the number of people employed in January reached 26.8 million, up 568-thousand on-year.
Production for all industries in December 2019 increased 3.2 percent on-year, with production for mining and manufacturing industries increasing by 4.2 percent.
Investment in facilities also rose 11.1 percent on-year in December, and construction investment rose 2.1 percent.
Domestic consumption increased in the 4th quarter of 2019, up 1.7 percent compared to same period of the previous year.
The greenbook also said the increase in the price of D-ram semiconductors and the recovery of the global economy will likely have a positive impact on the Korean economy.
However, the government expressed concerns that the outbreak of the coronavirus could negatively impact the growth of the Chinese and the world economy which in turn could hamper Korea's economic recovery.
An official at the Ministry of Economy and Finance said the numbers in this month's greenbook do not fully reflect the effect of the coronavirus as the disease first broke out at the end of January.
He said, the government will support the affected sectors and will devote all efforts to minimize the harm to the South Korean economy.
Eum Ji-young Arirang News.