Prime Minister Kim Min-seok vowed on March 29 to take preemptive measures against possible shortages of daily necessities amid the Middle East crisis disrupting global energy markets and driving up prices. Speaking at an emergency economic headquarters meeting, he described the conflict's aftermath as a complex crisis involving energy supply instability and global supply chain disruptions.
Prime Minister Kim Min-seok said during the meeting on Sunday, March 29, "We are at a grave economic crossroads." He noted that the aftermath of the Middle East conflict is emerging as a complex crisis for South Korea's economy, in the form of severe energy supply instability and global supply chain disruptions.
He stressed that now is a critical time to respond to potential supply shocks, warning that failure to act promptly could lead to significant public anxiety and inconvenience. "We have to analyze the impact of supply disruptions originating in the Middle East on essential goods under various scenarios and establish phased response plans," he said. "We need to thoroughly and meticulously review the items expected to face supply disruptions without missing a single one."
Kim also called on the government to work closely with the National Assembly and prepare to execute a supplementary budget in a timely manner. The emergency economic headquarters held its first meeting following its creation last week, along with an emergency economic situation room at Cheong Wa Dae in response to the Middle East crisis.
The headquarters comprises five subteams handling macroeconomic, energy, financial, people's livelihood, and overseas issues. The energy subteam reported on supply and price trends for oil, gas, and naphtha; the financial subteam shared plans to expand assistance to businesses struggling due to the crisis; and the people's livelihood subteam discussed preparations against potential disruptions to medical supplies. (Yonhap)
