President Moon “A pan-government emergency response is necessary for the economy and quarantine”

President Moon 

“A pan-government emergency

 response is necessary for 

the economy and quarantine”

 
 

President Moon Jae-in said on the 25th that,

in connection with the re-proliferation of Corona 19,

“a pan-government emergency response is

 necessary in both quarantine and economy.”

President Moon said in a speech

at the State Council presiding at the Blue House o

n the same day, “In addition to the operation of

an emergency quarantine system to prevent

the spread of the corona, the government

focuses on stabilizing employment, minimizing

economic damage, stabilizing people’s

 livelihoods, and preparing measures

 for economic recovery. Please do it.”

In particular, he said, “If necessary, an

 emergency economic meeting

could be held in front of the President.”

President Moon stressed, 

“The government must prepare for

the re-proliferation of this corona with

extraordinary resolution,” and emphasized,

“It is necessary to establish an expected scenario

for the spread of the corona and thoroughly

prepare countermeasures for each scenario.”

“We need to examine the impact

of the implementation of the second stage of

 social distancing on the economy and

 people’s livelihood, and if necessary,

supplement or add existing emergency economic

 measures.” Please give it. We have provided

 financial support and large-scale financial

 support through three additional

administrations, but please urgently

check if there are any deficiencies.”

The following is the full text of all remarks

 at the State Council of President Moon (video).

We will start the 43rd Cabinet Meeting.

As the corona spreads again,

 a red light has lit up in the economy

as well as quarantine. Korea is evaluated

 as one of the most advanced economies among

OECD countries due to its successful quarantine

and active expansion fiscal policy, and is

 expected to become the country with

the fastest economic recovery.

The government’s goal is to achieve a rebound

 in growth from the third quarter. However,

due to the recent re-proliferation of the corona,

the pace of economic rebound has been delayed,

and further economic difficulties are a concern.

In particular, I am worried that consumption and

 domestic demand, which were showing signs

of recovery, will shrink again. The struggles of

 self-employed and small business owners are

growing, and alley commercial areas are

 under threat. The wholesale and retail

business, tourism and travel business, and

 lodging and food service businesses,

 which were gradually regaining

 vitality, are also experiencing difficulties again.

If the implementation of the second stage

of social distancing as an inevitable measure

 for quarantine is prolonged, the economic

 difficulties will increase.

We need an extraordinary

 economic response to this.
However, please keep in mind that this

emergency response must be done

in a way that is in harmony with quarantine.

Success in quarantine is the way to save

the economy. Strengthening quarantine measures

 is a way to protect the lives and safety of

 the people and also a shortcut to economic recovery.

 In the short term, you will have to face some

 economic hardships, but stabilizing

the corona situation early can

speed the economic recovery.

However, while strengthening quarantine,

 the economy cannot be neglected for a moment.

 Quarantine and economy are two rabbits that

 must be caught together. We have been

doing well both in quarantine and

 in the economy so far. While reinforcing quarantine

 measures, special emergency economic

measures were boldly and promptly launched.

During the emergency economic meeting,

three additional administrations were organized,

 and unprecedented support measures amounting

to 277 trillion won were prepared and implemented.

The government’s emergency economic

 measures have contributed greatly to

 maintaining employment, maintaining

 livelihoods for the vulnerable, and relieving

 the financial shortage of small and medium-sized

 business people and companies, and comforted

and supported the difficult and difficult people.

International organizations such as the

 OECD and the IMF consistently evaluated

positively for the rapid and proactive response

 to the economy by the Korean government’s

expanded fiscal policy, and the effect

 was proved through the household trend

survey in the second quarter.

Market income, such as labor and

 business income, all decreased due to

the economic crisis caused by the corona,

but due to the active financial support of

 the government, transfer income increased,

and gross income increased at all levels from

 the 1st to the 5th quintile. In particular,

the income of the first quintile, the lowest-income group,

increased the most, resulting in

 an improved distribution index.
This is a result of the government’s

all-round effort to break the formula of

 “crisis is intensifying inequality.”

We were able to confirm the importance

of the government’s role as a support

 for protecting people’s lives.

The government should also prepare for this corona

re-proliferation with extraordinary resolution.

 It is necessary to set up a predicted scenario

 for the spread of the corona and thoroughly prepare

 countermeasures for each scenario. It is necessary to

 examine the impact of the implementation of

 the second stage of social distancing

on the economy and people’s welfare, and

supplement or add existing emergency

economic measures if necessary.

First of all, please reinforce the already

 announced direction of economic policy for

 the second half of the year in line with the changed

 situation. We have provided financial support and

 large-scale financial support through three additional

supplementary administrations, but

please urgently check if there are any deficiencies.

In addition, since jobs are the most important,

please pay close attention to support such as

maintaining and stabilizing employment and

 promoting job search. Please pay special

 attention to the vulnerable groups, small and

medium-sized business people, and self-employed

 people who have become more difficult due

to the re-proliferation of the corona.

It is also necessary to further analyze the impact of

 corona spread by industry and take necessary measures.

Measures to boost consumption and vitalize domestic

demand should be prepared so that

the corona situation can be resumed

quickly when the situation stabilizes.

I hope that the investment plan is expanded

from public investment to a plan to revitalize private investment.

Efforts are also needed to expedite the execution

of planned finances. In order to support immediate

 flood disaster recovery and respond to the difficulties

of economic public welfare, we urge you to secure

as much additional resources as possible, including

 changes to the fund, as well as reserve funds,

and provide them as soon as possible. In addition

 to efforts to minimize financial misappropriation

 and misuse, it is necessary to accelerate the execution of

the third supplementary administration.

Investing for the future should not stop

despite any difficulties. In particular,

 the Korean version of the New Deal is a national

strategy for the future of Korea. I hope that

the Digital New Deal and the Green New Deal will

continue to be promoted to accelerate the transition

to a new economy and the creation of large-scale jobs

 while also expanding the safety net for the employment

society. Please give spur to support for fostering

 the three new growth engines, such as system

semiconductors, bio and future cars, as food for the future.

Pan-government emergency response is

needed both in quarantine and in the economy.

The government has built and operated an emergency

response system based on two pillars: the quarantine

critical script and the economic critical script.

We urge the government to focus its

capabilities on preparing measures for stabilizing

 employment, minimizing economic damage,

stabilizing people’s livelihood and recovering

the economy, as well as operating an emergency

quarantine system to prevent the spread of

 coronavirus. If necessary, an emergency economic

meeting could be held presided over by the President.