Finance Minister Hong Nam-ki said Friday that the government would respond preemptively and quickly in accordance with prepared contingency plans in the event of excessive volatility in financial and foreign exchange markets.

At a meeting with economy-related ministers in Seoul, Hong said the global spread of COVID-19 is leading to growing uncertainty and difficulties as well as heightening volatility in global financial markets.

He noted that the entirety of the real economy, including domestic demand, production and exports, is facing difficulty as consumer confidence and corporate activity contract. The minister then warned that the growing number of countries placing travel restrictions on South Korea could present barriers not only to personal exchanges but also economic activity such as trade and investment.

Hong pledged unprecedented efforts to boost exports, increase orders for overseas infrastructure projects and expand investment. He said the government would mobilize all its diplomatic strength to quickly end travel restrictions against South Koreans and minimize the fallout from such measures.

About a new U.S. Department of Commerce rule to go in effect from April 6 that would impose countervailing duties on trade partners accused of intentionally undervaluing their currencies, Hong said the government would respond in an multidirectional way given the unpredictability of the situation.