Prime Minister Han Seung-sook stated on July 2 that the South Korean economy remains in a crisis, emphasizing the need to prioritize inflation management to alleviate the burden on citizens.
During the opening remarks at the 14th Emergency Economic Meeting held at the Government Sejong Center, Han noted, "As the United States and Iran have signed a memorandum of understanding and continue practical talks, there is growing optimism about stabilizing the Middle East situation, with international oil prices dropping to pre-war levels."
However, he cautioned, "This is not a situation where we can let our guard down," highlighting the need for close government responses due to rising oil prices, high exchange rates, and the increasing likelihood of interest rate hikes by major countries.
Han urged officials to closely monitor price trends of essential goods and to swiftly implement tailored supply measures to ensure price stability.
He also stressed the importance of addressing welfare gaps to protect vulnerable populations, suggesting that collaboration between the Ministry of Health and Welfare and the Ministry of the Interior and Safety could lead to significant improvements in the welfare delivery system by utilizing public data and artificial intelligence to proactively identify at-risk households.
Additionally, he called for the preparation of measures to strengthen cooperation with the Middle East in anticipation of stabilizing the region, urging efforts to recover exports and explore ways to contribute to post-war reconstruction.
Han expressed gratitude to the crew and shipping companies involved, noting that 24 out of 26 South Korean vessels stranded in the Strait of Hormuz have successfully departed. He assured that the government would continue to ensure the safe return of the remaining two vessels and their crew members.
* This article has been translated by AI.
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