President Moon Announces "First Economic Measures Package" Including Financial, Tax, Budget, and Regulatory Innovations

Meeting with Domestic and Consumer Industry Officials on the 21st... "COVID-19 Community Transmission, a Very Serious Situation"

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in stated on the 21st regarding the 'Novel Coronavirus Infection (COVID-19)' situation, "We will mobilize all effective measures including finance, taxation, budget, and regulatory innovation to prepare and announce the '1st Economic Recovery Package' by the end of this month."

President Moon said this during a meeting with representatives from the domestic consumption and retail sectors. He said, "Due to COVID-19, consumption has contracted, and many people in small businesses, dining, lodging, tourism, performances and events, and floriculture are currently worried," adding, "The government is making efforts, but I wanted to hear the vivid voices from the field directly, so I arranged this meeting today."

President Moon added, "With a sharp increase in confirmed cases in the Daegu and Gyeongbuk regions, there is concern about the spread of community infection. The first death has also occurred. It is a very serious situation."

[Image source=Yonhap News]

President Moon pointed out, "While infectious diseases are a concern, economic contraction is also a very serious worry. We are urging everyone to remain vigilant in responding to the infectious disease while calmly continuing daily and economic activities, but it is not as easy as it sounds."

President Moon said, "As the number of inbound tourists sharply decreases, difficulties in the travel, lodging, and dining industries are intensifying, and consumption in traditional markets, marts, and department stores is also shrinking due to reduced outings, causing domestic demand to freeze. If this prolongs, it could cause serious damage not only to the economy but also to people’s livelihoods."

President Moon stated, "We will not stop at the measures taken so far but will mobilize all available government resources to prepare unprecedented and extraordinary measures."

President Moon said, "The people and the government must work together to catch both the 'quarantine' and the 'economy.' Neither can be neglected," adding, "I sincerely hope that winter will pass quickly and that we can welcome the spring of our economy. The government will also do its best."

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