President Moon will be heading an emergency economic council seeking bolder measures to revive the South Korean economy, which has been slammed by the COVID-19 outbreak.
Speaking at a Cabinet meeting on Tuesday, President Moon said the current situation is an unprecedented economic emergency, calling it worse than the 2008 global financial crisis.
Through the emergency economic council headed by myself, we will swiftly decide on special measures and policies, while responding strongly. I ask the government to speed up preparations for its launch.
Moon said the crisis is on multiple fronts noting the damage to the real economy and financial markets not to mention the impact on human exchanges and the global supply chain as more countries go into lockdown.
The president added that the government's extra budget of some 10 billion U.S. dollars is just the beginning.
He said that further stimulus measures can be considered noting the calls for special measures at an extraordinary level as the global economy heads towards recession.
To get through the current emergency phase, we must overcome all constraints. This is not the time to quibble over this or that. If a measure is feasible, we must deploy all possible resources and means. We need to make prompt decisions and swiftly implement policies because timing is important in an emergency response.
Moon stressed that the hardest hit areas and the most vulnerable people such as the self-employed should be at the top of the list for support.
The first session of the new council will be held on Thursday. It will likely involve Blue House officials, related ministries, as well as experts and act as a control tower to oversee policies and minimize the economic fallout. Kim Min-ji, Arirang News.
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