Finance Minister Hong Nam-ki said on Monday that the outbreak of the novel coronavirus is expected to weigh on South Korea's economy unless the epidemic is contained swiftly.

The minister made the remarks in a meeting with the heads of economy-related ministries at the government complex in Seoul.

Hong said that the coronavirus outbreak has had a limited impact on the Korean economy so far, but it is difficult to determine what the future effect will be.

He said there is a high possibility that this situation could slow China's economy and in that case, it will have a negative impact on the global economy, including Korea.

The minister stressed the need to end the outbreak while it’s still in its early stages via thorough quarantine efforts and to minimize the economic fallout.