Anchor: As the threat of new coronavirus infections has apparently stabilized in South Korea, President Moon Jae-in highlighted the need to prioritize revitalizing the domestic economy. Moon said with the COVID-19 outbreak under control, it's time to focus on the economic crisis.
Choi You Sun reports.

Report: At a Cabinet meeting on Tuesday, President Moon Jae-in warned officials to brace for a full-scale economic crisis amid the novel coronavirus pandemic.

[Sound bite: President Moon Jae-in (Korean)]
"Now is the start of a full-scale economic crisis. The growth rate in the second quarter is expected to further slow down from negative growth in the first quarter. Concerns are rising over a contraction of the real economy and the impact on employment moving forward. The economic shock, with no end in sight, is materializing in all areas. This is a wartime economy situation."

In the face of COVID-19, Moon stressed the need to put forth bold countermeasures and to implement them quickly and precisely, referring to various government support measures that were announced during the emergency economic council sessions.

[Sound bite: President Moon Jae-in (Korean)]
"The government should have in place an emergency state system that mobilizes all efforts toward overcoming the crisis. Under an economic control tower headed by the finance minister, all ministries should be on the frontlines united as one, while carrying out their respective roles."

Emphasizing that revitalizing the domestic economy should be a top priority, the president said the government's third extra budget bill will contain comprehensive measures aimed at a rebound in domestic demand.

Moon also called for prompt implementation of measures aimed at encouraging spending as the country moves to transition from social distancing to resuming socioeconomic activities amid quarantine next month.

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

Meanwhile, parliamentary committees accelerated the review of the government's second budget bill drawn up to finance its coronavirus relief payments so that the bill can be put to a vote at Wednesday's plenary session.

At the National Assembly, Prime Minister Chung Sye-kyun stressed the need to promptly enforce the disaster relief program, citing the economic shock from the unprecedented global pandemic.

Regarding the ruling Democratic Party-led proposal to expand relief eligibility from 70 percent to all households, while encouraging high-income earners to donate the money, Chung said the government will accept whichever plan passes the Assembly.
Choi You Sun, KBS World Radio News.