President Moon Jae-in said Monday that recent indicators show that the South Korean economy is recovering quickly.

He said if the rebound trend continues in the fourth quarter, the South Korean economy can recover from the impact of the COVID-19 epidemic and resume a normal growth trajectory starting in the first half of next year.

In his weekly meeting with senior aides, President Moon explained that third quarter gross domestic product (GDP) displayed the steepest growth in 10 years and GDP growth has shifted to positive territory.

Moon said that in particular, output, consumption and investments all rose in the month of September and the consumer sentiment index and business survey index for October also posted the largest increases in 11 and a half years.

He added that exports are clearly leading the fast and strong economic recovery and that Korea has put up a miraculous defense amid a second wave of coronavirus outbreaks around the world.

But the president warned against complacency, noting that cluster infections still continue.

He also promised government support to further foster the manufacturing sector in both conventional and high-tech areas.