'Mask Off' President Moon Warns of "Unprecedented Economic Shock"... Urges Response to 'Post COVID-19' Era

Government to Submit 'Emergency Disaster Relief Fund One-Point Supplementary Budget Bill' to National Assembly Around the 16th

President Moon Jae-in is presiding over the Cabinet meeting at the Blue House on the morning of the 14th. [Image source=Yonhap News]

[Asia Economy Reporter Son Sunhee] President Moon Jae-in said on the 14th regarding the novel coronavirus infection (COVID-19) situation, "We are entering the stage where the economic crisis is beginning in earnest," and added, "To respond to the unprecedented shocks coming from all directions?real economy and financial markets, production and consumption, domestic and international?stronger determination and policy decisions are necessary."

President Moon held a video cabinet meeting at the Blue House that morning and said, "Along with the global economy, our economy is also experiencing visible shocks," and emphasized, "We must prepare extraordinary employment policies to protect immediate jobs and additional measures to save companies."

President Moon did not wear a mask separately when entering the meeting room. Since the COVID-19 outbreak, he had worn a mask except when speaking at official events, but this was the first time he appeared without a mask at all.

He stated, "While putting all efforts into overcoming the crisis, an active attitude to find opportunities within the crisis is also necessary," and urged, "Just as we opened opportunities to make the materials, parts, and equipment industry self-reliant in response to Japan's export restrictions, we must actively cope with the rapid reorganization of the global supply chain."

He continued, "We must actively foster digital-based non-face-to-face industries such as rapidly emerging non-face-to-face trade of goods and services, non-face-to-face medical services, telecommuting, remote education, and delivery distribution," and said, "Through the COVID-19 situation, we confirmed that we have the capability to lead the world in the development potential of our non-face-to-face industries." He added, "The government will actively nurture the non-face-to-face industry as an opportunity industry combined with Fourth Industrial Revolution technologies such as big data and artificial intelligence (AI)."

President Moon also said, "While protecting traditional main industries, we must place strategic value on fostering startups and venture companies, the innovation engines of our economy, and spare no policy support," and stated, "Just as we created an opportunity to become a manufacturing powerhouse during the past oil shock crisis, we must turn the current COVID-19 crisis into a new growth opportunity for small startups and venture companies in new industries and new technologies." He also promised bold support for the development of COVID-19 vaccines and treatments.

Regarding the emergency disaster relief fund, which the government decided to provide 400,000 to 1,000,000 won (differentiated by household size) to the bottom 70% income households to alleviate consumption contraction caused by the COVID-19 situation, he said, "To ensure swift execution, we will approve the exemption from preliminary feasibility today and submit the supplementary budget bill to the National Assembly immediately after the general election," and requested, "I ask the National Assembly to swiftly review and process it to bring strength to the people and achieve a successful conclusion." Accordingly, the supplementary budget bill is expected to be submitted around the 16th, the day after the general election.

Meanwhile, President Moon mentioned regarding the ASEAN+3 special video summit scheduled for that afternoon, "It will be an important opportunity to strengthen international cooperation and solidarity."

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