President Moon Jae-in has ordered the launch of an "emergency economic council" that he will chair to discuss measures aimed at minimizing the economic impact of COVID-19.

The first meeting will be held Thursday at the presidential office.

The council is expected to serve as the top decision-making body on analyzing market reactions related to the outbreak and crafting and executing policy measures.

The move reflects a growing sense of alarm over what's been called an unprecedented situation that merits the need of a special agency directly led by the president.

The council will enable swifter and bolder decision-making to deliver effective response measures.

Speaking in a Cabinet meeting Tuesday, Moon said the council will be the control tower regarding the economy, acting as one of the two pillars during the current emergency situation alongside the central quarantine headquarters.

One presidential official said that current economic conditions are considered more serious than the 2008 global financial crisis, and the new council is different from other previous meetings in that it is directly chaired by the president.