President Yoon Suk Yeol says the key to overcoming the global economic crisis is supply innovation through digital transition.

The president made the remarks in his keynote speech at the Business 20(B20) Summit in Bali, Indonesia on Monday involving representatives of business confederations of the G20 countries as well as CEOs and chairs of global companies. 

President Yoon said that the current economic crisis was mostly caused by supply-side shock rather than a demand-side factor; thus the solution should be sought from the supply side and the government's roles should also change. 

He assessed that under current global economic conditions, supply-side innovations led by the private sector depend on forging a digital transition.

The president also underscored the need to reestablish a digital order. He said the world should make efforts to promote universal values in the digital sphere to realize a more prosperous life for mankind through supply-side innovations using digital technologies.