The government said on the 25th it will launch an Emergency Economic Headquarters chaired by Prime Minister Kim Min-seok as the Middle East crisis drags on. The Emergency Economic Headquarters upgrades the existing emergency economic ministers' meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol to a meeting chaired by the prime minister.
At a briefing on the emergency economic response system to the Middle East war held at Government Complex Seoul on the day, Prime Minister Kim Min-seok said, "As the Middle East war has continued for more than three weeks, the economic impact from the region, including shortages of energy and raw materials, is expanding," and added, "Now, in preparation for a prolonged situation, it is necessary to further strengthen a whole-of-government, preemptive response system, including the worst-case scenario."
In responding to the Middle East crisis, the government designated the emergency economic inspection meeting chaired by President Lee Jae-myung as the control tower and decided to operate both the pan-government Emergency Economic Headquarters and the presidential Emergency Economic Situation Room under it. The Emergency Economic Headquarters meeting will be held twice a week. Prime Minister Kim and Deputy Prime Minister Koo will alternate as chair.
Under the Emergency Economic Headquarters, five working-level response teams will be established: ▲ macroeconomy and prices response team ▲ energy supply and demand team ▲ financial stability team ▲ livelihoods and welfare team ▲ overseas situation management team. The Ministers of Economy and Finance, Trade, Industry and Resources, Financial Services Commission, Health and Welfare, and Foreign Affairs will each serve as team leaders.