As global stock markets are tanking amid the coronavirus pandemic, President Moon Jae-in chaired a meeting Friday to inspect South Korea's economic and financial conditions and called for unprecedented measures.

Moon said the emergency economic situation right now does not compare to the MERS and SARS outbreaks of the past.

In a written briefing, presidential spokesperson Kang Min-seok relayed the remarks made by Moon during the meeting that involved the finance and industry ministers, Bank of Korea governor and chief of the Financial Services Commission.

After being briefed on the economy and financial market, President Moon said policymakers often relate to past contingencies when forging measures. However, he stressed that the current situation is special and unprecedented and requires measures never taken before.

Moon also ordered officials to review consultations with international agencies so that South Korean businesspeople with medical certificates can be granted an exception to entry restrictions now imposed by more than 120 nations.