On the 2nd, Prime Minister Han Seong-sook stated, "The country's economy continues to face critical challenges."
The Premier made these remarks during an urgent economic assessment session conducted at the Government Complex Sejong early that day, stating, "Along with elevated fuel costs and a robust currency, the likelihood of key nations raising their base interest rates is increasing."
Concerning the country's economic conditions during the first six months of this year, the Prime Minister stated, "Due to the government's quick actions and the public's support, even amid challenges from the conflict in the Middle East, we achieved outcomes like maintaining the availability of fuel and everyday goods, higher export volumes and investment figures, and revised upwards projections for economic growth." He further noted, "With the United States and Iran having reached an initial Memorandum of Understanding (MOU) and continuing discussions at technical levels, hopes for stability in the region are increasing, leading to global oil prices returning to pre-conflict levels."
Nevertheless, the Prime Minister highlighted that the government should concentrate on controlling prices and safeguarding disadvantaged communities in dealing with continuous challenges.
He further mentioned, "We need to get ready ahead of time for actions aimed at enhancing collaboration with the Middle East in preparation for stability within the area." He added, "We ought to revive exports to the Middle East, including items like standard equipment and vehicles, proactively seek methods to support reconstruction after conflicts, and guarantee effective advancement in upgrading our manufacturing supply networks, which revealed weaknesses throughout this emergency."
The Premier stated, "There will be a considerable period before our economy returns to normal and deals with this crisis." Nevertheless, he mentioned, "Providing the government enacts measures carefully with an increased level of urgency, we have the potential to resolve this crisis more quickly."