President Lee Jae-myung said Wednesday that the government will "examine hardships facing economically vulnerable groups and devise additional support measures beyond those included in the war-related supplementary budget."
Lee made the remarks while chairing an emergency economic review meeting at Cheongwadae, the presidential office, stating that "extraordinary situations demand equally extraordinary responses."
"The fallout from the Middle East war, now in its second month, has seen shocks originating from energy supply instability spread across the global supply chain," Lee said. "For the time being, Cheongwadae and the Prime Minister's Office will oversee emergency economic response measures related to the Middle East war and directly manage follow-up actions."
Lee instructed all ministries to "preemptively identify and catalog every item expected to be affected by the war, and closely monitor daily supply conditions, price trends, and abnormal signs."
"Ministries responsible for each item should establish hotlines with related industries to maintain constant communication with the field, accurately assess overall distribution conditions, and implement necessary measures in a timely manner," he added.
He also ordered the establishment of a system for "detailed inspections and supply-demand adjustments for each local government, as some may face difficulties even if national aggregate supply is sufficient."
"The government must also make every effort to transparently inform the public about supply conditions and response measures for key items, so that unnecessary confusion and anxiety do not spread in the market," Lee stressed.
"When information is not clear, unnecessary suspicions arise, and in the meantime, people who agitate with fake news and false rumors can cause confusion," he said. "Transparent disclosure of information is very useful for us to respond rationally."
Lee also emphasized the need to "continuously strengthen efforts to build a solid breakwater for the Korean economy against external shocks."
"We must actively seek out available alternative overseas supply sources regardless of the size or importance of the items," he said, adding that "these efforts need to be linked with the private sector's supply chain diversification initiatives."
"The government should take a balanced approach considering domestic supply stability, international trust, and cooperative relationships, while placing the maximization of national interest as the top priority and responding strategically," he added.
Lee also expressed "deep gratitude for the voluntary efforts of the private sector and businesses," citing examples such as insurance premium discounts for vehicles participating in the odd-even driving restriction system and the launch of cards offering expanded public transportation discounts.