"Surprise Proposal" Prime Minister Jeong Has Lunch Near Gwanghwamun... "Excessive Consumption Contraction, Ministry of Economy and Finance Considering Measures"

"While conducting quarantine, we must also prevent wrinkles in our economy"
"Parallel efforts needed to avoid economic sacrifice"
Supplementary budget "Not the time to hesitate"

Prime Minister Chung Sye-kyun is delivering a speech at the meeting on expanding the response to the novel coronavirus infection held at the Government Seoul Office in Jongno-gu, Seoul on the 2nd. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Lim Cheol-young] "Investigations reveal that consumption is contracting excessively beyond expectations due to the novel coronavirus infection (Wuhan pneumonia)."

Prime Minister Chung Sye-kyun made this statement on the 11th during a luncheon with attending reporters at a restaurant in Jongno-gu, Seoul, immediately after the Cabinet meeting. The luncheon was arranged at the Prime Minister's suggestion. During the meal, he said, "While thoroughly implementing quarantine measures and fighting the coronavirus, we will also strive to prevent wrinkles from forming in our economy."

He also stated that the Ministry of Economy and Finance is reviewing possible measures while prioritizing the safety of the people. Prime Minister Chung said, "It is necessary to make parallel efforts so that the economy is not sacrificed," adding, "The Ministry of Economy and Finance is examining measures it can take regarding the investigation and compensation of rent for self-employed business owners."

He emphasized that issues arising from production disruptions at Chinese auto parts factories will be normalized based on thorough quarantine. Prime Minister Chung explained, "If even one part is not supplied and the entire factory stops, it means we cannot handle $200 million worth of export volume per day," adding, "China will also produce while strictly enforcing quarantine."

He continued, "If the situation worsens, operations may be suspended, and even now, partial operations are not at 100%, so anxiety remains," adding, "Efforts must be made to normalize Chinese factories, develop alternative sources such as Vietnam, and, if necessary, expand domestic production."

He avoided direct mention of the supplementary budget. Prime Minister Chung responded, "Now is not the time to worry about that," explaining, "There is a contingency reserve for disaster preparedness, and it can be reallocated if necessary, so we must work within the current budget. It is only February, and it is not appropriate to talk about a supplementary budget already."

Earlier at the Cabinet meeting, Prime Minister Chung urged Cabinet members to actively use traditional markets, neighborhood stores, and nearby restaurants. He emphasized to the ministers, "The economy must not shrink due to excessive anxiety caused by the spread of the novel coronavirus," and added, "Please visit the sites and inform the public that the government is working to manage the current situation stably so that people do not become overly anxious."

He further said, "Today’s lunch will be at a neighborhood restaurant," and requested, "Ministers should also visit traditional markets, nearby restaurants, and neighborhood stores with their staff to take the lead in revitalizing consumption."

This content was produced with the assistance of AI translation services.