President Moon Jae-in says it's time for a total effort to revive the economy amid fears of a contraction due to the coronavirus outbreak.
Moon received briefings from three ministries, including finance and trade, along with the Financial Services Commission on the government's economic policies for 2020.
He said they'll have to show concrete changes this year.
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 praised efforts to deal with the export restrictions imposed last year by Japan, saying it was possible thanks to cooperation between ministries, as well as large and small companies.
He called for similar efforts to minimize the fallout of the coronavirus on the economy, which is seeing a slump in tourism and consumption.
President Moon noted that small businesses were suffering from high rent, and he called for efforts to achieve mutual prosperity.
Moon also once again called on the public to trust the government's quarantine efforts and to resume their daily lives as usual.