Prime Minister Kim Min-seok warns of supply shocks from energy instability and pledges phased response plans for essential goods.
SEOUL: South Korean Prime Minister Kim Min-seok has vowed to implement preemptive measures against potential shortages of daily necessities as the West Asia crisis disrupts global energy markets and drives up prices.
“We are at a grave economic crossroads,” Kim said during an emergency economic headquarters meeting, adding that the conflict’s aftermath is emerging as a complex crisis marked by severe energy supply instability and global supply chain disruptions.
He stressed that the current moment is critical for responding to potential supply shocks, warning that failure to act promptly could lead to significant public anxiety and inconvenience.
The government must analyse the impact of West Asian supply disruptions on essential goods under various scenarios and establish phased response plans.
Kim called for a thorough and meticulous review of all items expected to face supply disruptions without missing a single one.
He also urged the government to work closely with the National Assembly and prepare to execute a supplementary budget in a timely manner.
