Prime Minister Kim Min-seok on the 29th said, in response to the economic crisis stemming from the Middle East war, "As one of the top priorities, we will preemptively respond to any disruptions in the supply of essential daily necessities for the public."
Presiding over the first emergency economic headquarters meeting at the Government Complex Seoul in Jung-gu, Seoul, that day, Kim said, "If we miss the 'golden time' for securing supplies, public anxiety and inconvenience will reach an unbearable level," and stated accordingly.
Kim added, "The aftermath of the Middle East war is becoming a towering wave of energy supply instability and global supply chain disruptions, approaching as a complex crisis for our economy," and said, "Some even assess it as a shock comparable to the oil shock of the 1970s."
Kim said, "The memories are vivid of the social pain during the COVID-19 crisis, when mask shortages and the 'urea water crisis' paralyzed logistics and stopped diesel vehicles," and added, "Analyze the impact of supply disruptions originating from the Middle East by scenario and establish step-by-step response measures, and check thoroughly so that nothing is omitted or overlooked."
Kim said, "Ensure thorough cooperation with the National Assembly and advance preparations so that the 'war supplementary budget (extra budget)' for economic and livelihood stability can be executed swiftly," and added, "If the war drags on, we must craft countermeasures meticulously and implement them in a timely manner."
He also said, "In a global crisis, solidarity and mutual prosperity—where the public, corporations, and the government join forces and share the burden—are desperately needed. Nationwide participation in the odd-even driving system, energy conservation, and refraining from panic buying will be the driving force to overcome the crisis."
The government plans to additionally establish a support team under the emergency economic headquarters, led by Minister of the Office for Government Policy Coordination Yoon Chang-ryeol as deputy head, to strengthen inter-ministry coordination and set up a system for constant communication with the presidential situation room.