Finance Minister Hong Nam-ki has warned that excessive restrictions on the movement of people and materials over coronavirus fears will have an adverse effect on the real economy.

The minister issued the warning on Monday during a video conference with finance ministers and central bankers from the world's 20 largest economies.

After the conference, the G20 announced in a statement that they agreed to develop an "action plan" to respond to the coronavirus pandemic.

During the conference, Minister Hong stressed that the plan will have to include steps to boost international cooperation on macroeconomic policies, ease movement restrictions and enhance the international financial safety net. 

The minister also explained the Seoul government's response to the outbreak, saying that it has activated a 82-trillion-won stimulus package to ride out the economic fallout of the COVID-19 pandemic.