President Moon on COVID-19 Economic Crisis: "Urgent Situation... Rapid Execution of Support for Livelihood Stability"

President Moon Jae-in is holding an economic stakeholders' roundtable meeting to discuss COVID-19 response at the Blue House on the 18th. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in stated on the 18th regarding the emergency economic situation caused by the novel coronavirus infection (COVID-19), "We will accelerate efforts to stabilize the livelihood economy, including wage subsidies for large and small businesses and micro-enterprises, expanding consumption capacity for low-income groups, and supporting employment retention," adding, "Above all, we will strive to ensure that necessary support reaches those in need promptly through swift execution."

At 10:30 a.m. that day, President Moon held a roundtable meeting at the Blue House with key economic stakeholders, saying, "It is not just a few sectors but the entire industrial sector that is in crisis." He continued, "COVID-19 is causing simultaneous shocks to demand and supply, creating a complex crisis in both the real economy and finance," expressing concern that "since this is a problem the whole world is experiencing together, there is a high possibility that the economic crisis will be prolonged." He repeatedly emphasized, "Because this crisis is completely different from past economic crises in nature and pattern, 'unprecedented measures' are necessary."

The roundtable meeting included Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, along with heads of major economic organizations, representatives from small and medium-sized enterprises, mid-sized companies, venture businesses, and small business owners. Representing labor, Kim Dong-myung, Chairman of the Federation of Korean Trade Unions, and Kim Myung-hwan, Chairman of the Korean Confederation of Trade Unions, also sat together at the same table for the first time in a long while. From the financial sector, Kim Tae-young, Chairman of the Korea Federation of Banks, and heads of major policy banks were present.

From the government, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, along with heads of economic-related ministries attended, and from the ruling party, Lee In-young, Floor Leader of the Democratic Party of Korea, and Cho Jung-sik, Chair of the Policy Committee, were present.

Although meetings have been held separately by sector until now, this was the first time since the Moon Jae-in administration began that economic actors from management, labor, finance, and politics gathered in one place. The purpose was to listen to opinions from various sectors and strengthen the will to overcome the 'emergency economic situation.'

President Moon Jae-in is holding an economic stakeholders' roundtable meeting to discuss COVID-19 response at the Blue House on the 18th. [Image source=Yonhap News]

Addressing the attendees, President Moon did not hide his sense of crisis, saying, "I have gathered you all with a desperate heart," and earnestly appealed, "The government's power alone is insufficient. I sincerely ask you to become the main actors in overcoming the economic crisis through the 'power of solidarity and cooperation.'" He also announced, "I will personally preside over the 'Emergency Economic Meeting,' which will serve as the Economic Central Disaster and Safety Countermeasure Headquarters, to respond to the emergency economic situation." The first Emergency Economic Meeting is scheduled to be held the following day.

President Moon emphasized, "Although we are practicing 'social distancing' now, it is time to narrow the 'distance of the heart' even more," adding, "The government will do its utmost to block the spread of the infectious disease with the belief that 'quarantine is the best economic measure' and to protect the economy."

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