Seoul, March 29: The ongoing crisis in the Middle East has significantly impacted global energy markets, driving up energy prices. In response, South Korean Prime Minister Kim Min-seok has committed to taking proactive measures to address potential daily supply shortages.
During an emergency economic headquarters meeting, Kim stated, “We are at a critical economic juncture. The effects of the Middle East conflict are emerging as a complex crisis for our economy, manifesting as severe energy supply instability and disruptions in the global supply chain.”
According to Yonhap News Agency, he emphasized that it is crucial to prepare for potential supply shocks. He warned that without immediate action, there could be serious public concern and inconvenience.
“We must analyze the impact of supply disruptions from the Middle East on essential goods under various scenarios and develop phased response plans. A thorough and detailed review of items that may face supply disruptions is necessary, and no aspect should be overlooked,” he added.
Kim also urged the government to collaborate with the National Assembly to prepare for the timely implementation of a supplementary budget.
This emergency economic headquarters meeting was convened for the first time. Last week, in response to the Middle East crisis, the Prime Minister announced the establishment of an emergency economic situation room at Cheong Wa Dae (the presidential office) along with the formation of this headquarters.
The headquarters consists of five sub-teams focusing on macroeconomics, energy, finance, public life, and foreign affairs. For instance, the energy sub-team provided insights on supply and price trends related to oil, gas, and naphtha, while the finance sub-team shared plans to support businesses struggling due to the crisis. The public life sub-team discussed preparations against potential disruptions in medical supplies.
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