President Moon Jae-in said the government's third extra budget bill will contain comprehensive measures aimed at a rebound in domestic demand, adding that the country is about to enter a full-scale economic crisis.

At a Cabinet meeting on Tuesday, Moon said since it will take time for the global economy to recover from the COVID-19 pandemic, revitalizing the domestic economy should be prioritized.

As the country is giving serious thought to transitioning from social distancing to resuming socioeconomic activities amid quarantine next month, Moon called for prompt implementation of measures aimed at encouraging spending.

In preparing for the post-coronavirus era, the president ordered officials to come up with more aggressive steps to revitalize investment and for all ministries to push for the Korean version of the "New Deal" for job creation.

Highlighting the need to turn a crisis into an opportunity, Moon urged officials to seek ways to attract South Korean and foreign companies to set up their production lines in the country.