Prime Minister Kim Min-seok on the 13th ordered relevant ministries to draw up price stabilization measures, saying it is a situation in which the government must do its utmost to manage prices.
Kim chaired an emergency economic review meeting at Government Complex Seoul that morning and, citing upward pressure on overall prices due to rising international prices of crude oil and other commodities, stated accordingly.
Kim said, In March, the current account posted a surplus of $37.3 billion, the largest on a monthly basis, and it is truly fortunate that the solid growth trend continues, with first-quarter gross domestic product (GDP) up 1.7% from the previous quarter.
He added, The government's efforts, together with cooperation from the public and corporations, have kept the supply and demand of key items such as crude oil and naphtha relatively stable, securing supply volumes of 80% for crude oil and 90% for naphtha.
However, he urged everyone not to let down their guard. Kim said, It is still too early to be reassured, and this is a time to work on securing additional volumes through diversifying import sources, and asked the relevant ministries, including the Finance Ministry, to closely examine price trends for directly related items such as petrochemical products and for agricultural, fishery, and food products closely tied to people's livelihoods, and to devise price stabilization measures.
Kim also called for exploring support measures for the tourism industry. He said, There are reports that, in this situation, the public is enjoying domestic regional travel rather than overseas trips, and in March the travel account posted a surplus for the first time in 11 years and 4 months.
He continued, It seems we should also pursue various efforts so that K-tourism revitalization is not a temporary phenomenon but can become a growth engine, and Do your utmost so the government can prove its capabilities in a moment of crisis.