Government: "Uncertainty in Middle East Situation... Reviewing All Possibilities"

Checking the Impact on Financial Markets and the Real Economy

The government announced on the 27th that regarding Israel's retaliatory attack on Iran, "Given the high uncertainty in the future development of the situation, we will keep all possibilities open and monitor the impact on the financial market and the real economy."

The above photo is not directly related to the article. [Image source=Yonhap News]

On the same day, the government held a joint inspection team meeting chaired by Yoon In-dae, Deputy Minister of Strategy and Finance, stating, "We will operate a 24-hour joint monitoring system focused on the Middle East situation."

The meeting was attended by related agencies including the Ministry of Strategy and Finance, Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Financial Services Commission, Bank of Korea, Financial Supervisory Service, and the International Finance Center, and was conducted via conference call.

The government assessed that "Since Israel's airstrike on Iran, there have been no additional armed conflicts so far, and the impact on domestic economic factors such as crude oil supply and demand, exports and imports, supply chains, and maritime logistics has been limited." It also emphasized, "If any abnormal signs occur, we will make every effort to respond jointly according to contingency plans for each scenario."