Anchor: The fast-spreading COVID-19 from China has disrupted global supply chains, dampening demand for South Korean goods abroad and consumption at home. South Korean President Moon Jae-in on Tuesday called for aggressive and creative measures to fend off the the economic impact of the outbreak. 
Kim Bum-soo has more.  

Report: 

[Sound bite: President Moon Jae-in (Korean)]
"An emergency situation calls for an emergency response..." 

President Moon Jae-in urged his cabinet ministers to think outside the box to revive the economy hit hard by the coronavirus outbreak from China. 

[Sound bite: President Moon Jae-in (Korean)]
"To respond to the emergency economic situation, [the government] shall not be bound by any restraints and go beyond expectations to exercise policy imagination. The current situation is more serious than [initially] thought. I need you to prepare strong support measures to minimize damage to companies."

During a weekly Cabinet meeting on Tuesday, Moon highlighted concerns that the current outbreak's impact could be greater and last longer than that of the previous SARS or MERS epidemics. 

[Sound bite: President Moon Jae-in (Korean)]
"When the economic situation in China worsens, it is Korea that is hit the hardest. Supply chains linked to China have been disrupted to hurt economic activities, and exports to China, which takes up a fourth of our outbound shipments, have been drastically falling." 

With the Chinese economy failing to run at maximum capacity, global supply chains have been disrupted, contracting demand for South Korean goods. Consumers and foreign tourists are afraid of walking around and shopping in Korea, dampening consumption at home.  

Ratings agency Moody's cut its 2020 growth outlook for South Korea to one-point-nine percent from two-point-one percent on the back of the disease outbreak.

[Sound bite: President Moon Jae-in (Korean)] 
"Let's not quibble over whether there's precedent or not. Rather we must put forth all the measures we can think of and mobilize all possible means. Proper timing is critical to policy success. We shouldn't lose chances to swiftly apply measures in an emergency situation. I ask for the National Assembly's cooperation in this emergency economic situation." 

The president underlined the need for a relief package, including tax breaks, for local SMEs and small business owners. 

While repeatedly calling the economic fallout an "emergency," Moon expressed confidence in the nation's quarantine and medical capabilities to contain the epidemic itself. 
Kim Bum-soo, KBS World Radio News.