Seoul: President Lee Jae Myung has declared that it is time for South Korea to fundamentally change its economic system in response to the mounting challenges posed by rising oil prices and inflationary pressures stemming from the ongoing conflict in the Middle East.

According to Yonhap News Agency, President Lee emphasized the need for the nation to perceive the current economic difficulties as an opportunity for systemic improvement. He made these remarks while leading his first plenary session of the National Economic Advisory Council (NEAC), where strategies were discussed to mitigate the Middle East conflict's impact on the South Korean economy.

"The war in the Middle East poses a significant threat to our economy in the short term, and in the long term, it is now time to make fundamental changes in South Korea's economic system," Lee stated. "It is a crisis but also an opportunity."

Lee noted that during crises, there is often greater willingness among people to embrace change, which could be leveraged to implement a system that is conducive to economic advancement. With a precarious truce between the United States and Iran entering its second day and an Israeli attack on Lebanon jeopardizing the agreement, Lee expressed apprehension about the region's instability and its unpredictable resolution.

He urged government authorities to formulate comprehensive short-, medium-, and long-term strategies aimed at alleviating the economic burden on the populace. Cheong Wa Dae previously announced plans to develop and execute policies to navigate the current "complex emergency crisis," incorporating insights from the council meeting while fostering sustainable economic growth.

The NEAC, an advisory body that provides direct counsel to the president on critical economic policies and national development strategies, convened for the first time under Lee's leadership since his inauguration in June last year. Approximately 50 individuals attended the meeting, including NEAC Vice Chairman Kim Song-sik, Finance Minister Koo Yun-cheol, and senior presidential aides.