President Moon Jae-in vowed to protect each and every job as South Korea braces for an employment shock during fallout from the COVID-19 pandemic.

At a meeting with labor and management representatives from the virus-hit hotel industry on Wednesday, Moon expressed regret that the crisis came at a time when they were expecting to see a record 20 million tourists in the new year.

The president then highly assessed the management's promise to maintain jobs during the crisis, while unions agreed to refrain from labor disputes.

Referring to the government's various support programs announced since the outbreak, Moon expected domestic demand to make a rebound after social distancing transitions into daily quarantine and the government carries out relief payments in May.

The Korea Hotel Association estimates that as of March, the local hotel and resort industry suffered losses totaling some 580 billion won from COVID-19.