South Korea’s seven leading business associations have asked National Assembly Speaker Chung Ui-hwa to exercise his authority to directly table economy-related bills to ensure their passage in the current extraordinary parliamentary session, which ends on Friday.

The business bodies made the demand in a joint statement on Monday, saying that a swift passage of five bills aimed at reviving the economy and reforming labor structure is essential for the country to escape from the low growth trap and make progress.

The associations said that the nation is at the crossroads between revitalizing the economy or falling into a serious recession, adding that the golden time to revive the economy is running out.