President Moon: "Economic 'wartime situation'... Must not miss the 3rd supplementary budget bill" (Update)

President Moon Jae-in is presiding over a Cabinet meeting at the Blue House on the morning of the 28th. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 28th that the global economic shock caused by the novel coronavirus infection (COVID-19) crisis is "truly an economic wartime situation," and emphasized, "The government must establish a crisis nation system that concentrates all capabilities on overcoming the crisis." He also stressed the importance of a 'speed battle,' urging, "We must not miss the third supplementary budget (supplementary budget) as well."

On the morning of the same day, President Moon presided over the 22nd Cabinet meeting at the Blue House and said, "Endless economic shocks are becoming visible across all fields and areas," and added, "I hope that all ministries clearly fulfill their roles and become 'united as one' under the Economic Central Disaster and Safety Countermeasures Headquarters (CDSCH), led by the Deputy Prime Minister for Economy, to take the forefront in overcoming the crisis." This is the first time President Moon has used such a strong expression likening the COVID-19 crisis to a 'war.' It appears to reflect the sense of urgency about the high level of economic shock that will soon become visible.

President Moon expressed concern, saying, "From now on is the full-fledged phase of the economic crisis," and "The economic growth rate in the second quarter is expected to be worse than the negative growth recorded in the first quarter." Furthermore, he said, "It is difficult to expect a turnaround in the near future," and "Exports have held up as much as possible until March, but due to the global economic halt, the decline has significantly expanded from this month."

He continued, "Since it will take time for the global economy to recover from the recession, we cannot but take 'domestic demand vitality' as the starting point for economic recovery," and said, "Comprehensive measures for domestic demand rebound will be included in the third supplementary budget, but even before that, we must immediately implement what can be implemented and prepare what needs to be prepared." Regarding the second supplementary budget, which is expected to be passed by the National Assembly on the 29th, he urged, "Please thoroughly prepare in advance so that emergency disaster relief funds can be received quickly and conveniently."

In particular, President Moon repeatedly emphasized the 'speed' of policy execution, saying, "The longer we delay, the greater the damage and the more difficulties for the people and companies," and "The government must be a strong support for the lives of the people and the national economy by deciding quickly and acting quickly."

Additionally, he ordered measures such as ▲stimulating consumption and domestic demand vitality ▲activating aggressive investment plans ▲promoting the 'Korean New Deal' ▲encouraging domestic companies to return and attracting foreign investment.

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