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Cheong Wa Dae, PM's office to launch emergency economic teams for Middle East crisis
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Prime Minister Kim Min-seok announced on March 25 that two emergency economic teams will launch at Cheong Wa Dae and his office to address the Middle East crisis. The move responds to the widening impact of the ongoing war involving the United States, Israel and Iran. He stressed the need to bolster the government's preemptive response for prolonged scenarios, including worst-case ones.
The Bank of France has cut its GDP growth forecasts to 0.9% for 2026 and 0.8% for 2027 due to surging energy prices from the Middle East conflict. This adjustment is based on a main scenario of temporary hydrocarbon price increases. The bank also expects inflation at 1.7% this year.
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The Mexican peso ended the session up 0.15% against the dollar at 17.76 pesos per unit, per Banco de México data. Traders assessed the feasibility of a ceasefire in Iran ahead of Banxico's monetary policy decision on Thursday. Analysts forecast the currency to hold in a 17.65-17.85 pesos per dollar range.
Egyptian Foreign Minister Badr Abdelatty warned on Monday of the risk of “total chaos” and a comprehensive regional war in the Middle East amid dangerous military escalation. He held intensive diplomatic calls with Greek and Iraqi counterparts to contain the situation. He stressed the need for diplomatic efforts and preserving international maritime navigation freedom.
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The US-Israel-Iran war has severely disrupted Middle East tourism, leaving hotels in Dubai, Doha and Abu Dhabi empty. According to the World Travel and Tourism Council (WTTC), the region suffers at least $600 million in daily losses. Airspace closures have led to flight cancellations and higher travel costs.
Energy Secretary Sharon Garin warned that a potential fuel supply shortfall poses a greater risk than rising pump prices amid Middle East tensions. The Philippines has sufficient fuel supply for April, but the government is focused on preventing depletion. It is exploring alternative sources to sustain oil imports.
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Iran varnade på söndagen att man kommer att rikta in sig på energi- och vattensystem hos grannar i Gulfen om USA:s president Donald Trump slår till mot landets kraftverk, efter hans 48-timmarsultimatum om att öppna Hormuzsundet. Hotet trappar upp en tre veckor lång konflikt som inleddes den 28 februari. Marknaderna förbereder sig på ytterligare turbulens när tidsfristen närmar sig.
Takaichi asks IEA chief for additional oil stockpile release
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22 mars 2026 23:52Mexican export blend closes at 99.21 dollars per barrel
22 mars 2026 23:37South Korean gov't, ruling party agree on 25 trillion-won supplementary budget amid Middle East crisis