Gov't pushes National Assembly to approve extra budget
Last week, Korea proposed its third extra budget worth 35.3 trillion won ($29 billion) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs.
"The effectiveness of this extra budget depends on its speed and timing," An told a meeting with senior ministry officials.
If approved, Korea will spend more than 75 percent of the budget within three months, An said.
Korea's economy contracted 1.3 percent in the January-March period from the previous quarter, compared with a 1.4 percent contraction estimated in April, according to the Bank of Korea.
The first-quarter contraction is the worst quarterly drop since the final quarter of 2008, when it shrank by 3.3 percent.
Korea's export-reliant economy is expected to suffer a bigger setback from the pandemic as the novel coronavirus disrupted global businesses and ravaged consumer demand.