Seoul
President Moon Jae-in announced plans Tuesday to establish an “emergency economic council” that will be headed by himself and push for additional bold steps to shore up South Korea’s economy in response to the coronavirus pandemic.
The move reflects a growing sense of alarm over what he called “unprecedented emergency economic conditions,” which are more serious than the 2008 global financial crisis. Speaking at a weekly Cabinet meeting, he raised the possibility that the impact from the global spread of COVID-19 could be “far bigger” than expected and prolonged.
“Through the emergency economic council, (the government) will make swift decisions on special measures and take powerful steps,” he said, instructing the Cabinet to make speedy preparations for the immediate launch of the body. It is expected to serve as the control tower of South Korea’s response to the economic crisis in tandem with the central quarantine headquarters focusing on containing the virus.—APP
