The government believes downside risks to the domestic economy caused by the fallout from COVID-19 have slightly eased.

In a monthly report called the "Green Book" released Friday, the Finance Ministry said uncertainties related to the pandemic are continuing, but declines in consumption and employment are easing, indicating that downside risks are somewhat receding. 

The last report in May had assessed downside risks were expanding.

The ministry promised to swiftly implement key policy tasks including the Korean New Deal initiative to boost spending and investment and enable economic recovery and job creation.

It also vowed thorough preparations to execute the third supplementary budget as soon as it's approved by parliament.

Economic indices from last month show the government's COVID-19 relief payouts for all citizens are having an effect. 

The consumer sentiment index also rose about seven points to 77-point-six in May.