President Moon Declares "Emergency Economic Situation"... School Opening Likely Delayed by 2 Weeks

Cabinet Meeting Discusses COVID-19 Global Economic Recession Response Measures... Announcement on Postponement of Elementary, Middle, and High School Opening at 2 PM

[Asia Economy reporters Ryu Jeong-min, Lee Kwang-ho, Son Seon-hee] On the morning of the 17th, President Moon Jae-in presided over a Cabinet meeting at the Government Seoul Office and expressed concerns about the "Novel Coronavirus Infection (COVID-19)," stating, "The economic shock is much greater and may be prolonged," calling it an "unprecedented emergency economic situation."

President Moon continued, "Necessary liquidity supply must be provided in a timely manner to prevent companies from closing due to financial difficulties," and said, "We must prepare to fully implement measures to stimulate consumption and revitalize domestic demand while calming COVID-19."

At the Cabinet meeting that day, President Moon expressed concern, saying, "Concerns are spreading that the global economy will fall into a recession," and "The situation is more serious than during the 2008 global financial crisis." He diagnosed it as a complex crisis of the real economy and financial markets, including paralysis of everyday social activities as well as consumption and production activities, and contraction of demand and supply.

[Image source=Yonhap News]

President Moon said, "Through an emergency economic meeting presided over directly by the President, we will swiftly decide on extraordinary measures and respond strongly," emphasizing, "The supplementary budget is not the end but the beginning."

The government has entered a full-scale response system to overcome the COVID-19 crisis, including deciding to postpone the opening of kindergartens, childcare centers, and elementary, middle, and high schools by an additional two weeks.

On the same day, the government, after a meeting of the Central Disaster and Safety Countermeasure Headquarters (CDSCH) chaired by Prime Minister Chung Sye-kyun, decided to postpone the opening of kindergartens, childcare centers, and elementary, middle, and high schools nationwide by two more weeks. The final announcement is scheduled to be made by Deputy Prime Minister and Minister of Education Yoo Eun-hye at 2 p.m.

Earlier, Prime Minister Chung said, "The decision to postpone the school opening must prioritize the safety of our children and the public," adding, "Alternatives such as care and remote learning plans must also be prepared."

The additional postponement period is likely to be two weeks. If the opening is delayed by one more week, it will be on the 30th; if delayed by two weeks, it will be on the 6th of next month. If the opening is postponed to April 6, schools nationwide will have their first-ever 'April opening.'

If the Ministry of Education announces the additional postponement, follow-up measures such as adjustments to the academic calendar and support for childcare for dual-income couples are expected. Whether the college entrance exam (CSAT) schedule will be postponed is another concern for examinees and parents.

Meanwhile, the reason the Cabinet meeting was held at the Government Seoul Office that day was due to the Government Sejong Office and video conferencing. Most Cabinet members attending the meeting wore face masks. Cabinet members and Blue House aides shared the understanding that they must approach the situation with extraordinary resolve to overcome COVID-19.

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