Government: "Limited Impact from Middle East... Closely Monitoring Uncertainties"

Deputy Prime Minister Choi Sang-mok Presides Over the External Economic Advisory Meeting

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is attending the Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 28th, reviewing documents. Photo by Jo Yong-jun jun21@

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 28th regarding the Israel-Hamas conflict, "So far, the impact on our economy has been limited, but we will continue to closely monitor the uncertainties arising from the Middle East."

On the same day, the Ministry of Strategy and Finance held the 5th Foreign Economic Advisory Meeting chaired by Deputy Prime Minister Choi to review the future outlook of the Middle East conflict and its potential impact on the domestic and global economy. The Foreign Economic Advisory Meeting is an ad hoc body introduced in April to gather expert opinions from various sectors and refer to policy formulation in response to global uncertainties.

At the meeting, Deputy Prime Minister Choi said, "As the conflict in the Middle East continues recently, we will maintain a high level of vigilance, closely monitor the situation in the Middle East, and make every effort to take preemptive measures to prevent any negative impact on our economy."

Currently, with the ceasefire negotiations between Israel and Hamas having collapsed, and Israel and Hezbollah exchanging large-scale airstrikes and suggesting the possibility of additional attacks, concerns about a full-scale war between Israel and the resistance axis are growing, increasing uncertainty.

The experts attending the meeting urged thorough monitoring of developments and impacts concerning key countries such as Iran and Israel. They also advised, "So far, the impact of the Middle East conflict on our economy is assessed to be limited, but it is necessary to continue to carefully monitor the uncertainties arising from the Middle East in the future."