ⓒYONHAP News

At a Cabinet meeting on Tuesday, President Moon Jae-in said rising concerns over the spread of the new coronavirus have begun to take a toll on the South Korean economy.

"Our economy and people's livelihoods are facing renewed difficulties from an unexpected factor after showing signs of recovery at the start of the year. The new coronavirus has hindered growth in spending, tourism, culture and leisure activities, holding back people from their daily lives. The virus is expected to negatively affect consumer sentiments and domestic demand on a recovery, further burdening our economy. A quarter of our exports go to China and a third of foreign tourists coming to our nation are Chinese. But factories in China are halting operations, Chinese tourists have stopped coming, and our parts supply chain is being derailed. Difficulties in our exports, tourism and industrial sectors are becoming a reality."

Expressing pity over the current crisis, Moon said it is the government's role to take responsibility for overcoming difficulties and lessening the people's burdens.

The president also instructed officials to take the planned fiscal steps and accelerate regulatory reforms, emphasizing the need for the government to carry out its normal duties to ease public anxiety.