Prime Minister Kim Min-seok said Wednesday that the government would "swiftly ease the immediate burden on people's livelihoods caused by the Middle East war through full government support" and "prepare for the ripple effects of a prolonged crisis with unwavering policy capacity."
Kim held a meeting on economic response measures following the Middle East war at the Government Complex Seoul, where officials reviewed the domestic and international economic impact of the conflict and discussed response strategies by sector.
"As geopolitical risks in the Middle East intensify, uncertainty in the global energy market is growing," Kim said. "We must prioritize the stability of the macroeconomy and financial markets to maintain the fundamental strength of our economy."
Meeting participants assessed the potential macroeconomic and financial market shocks from the prolonged Middle East crisis combined with the America First policy stance. They agreed that swift fiscal support and consistent communication with the public and investors are essential for market stability. Participants also called for expanding strategic resource reserves and diversifying import sources to counter concerns over energy supply chain disruptions.