Seoul: Prime Minister Kim Min-seok on Sunday vowed to take preemptive measures against possible shortages of daily necessities, as the Middle East crisis has disrupted global energy markets and driven up energy prices. "We are at a grave economic crossroads," Kim stated during an emergency economic headquarters meeting. "The aftermath of the Middle East conflict is emerging as a complex crisis for our economy, in the form of severe energy supply instability and global supply chain disruptions."

According to Yonhap News Agency, Kim emphasized the critical nature of the current situation, urging swift action to mitigate potential supply shocks that could lead to significant public anxiety and inconvenience. He urged for a comprehensive analysis of the supply disruptions originating from the Middle East, focusing on essential goods under various scenarios and establishing phased response plans. "We need to thoroughly and meticulously review the items expected to face supply disruptions without missing a single one," he added.

Kim also highlighted the importance of collaboration with the National Assembly to prepare for the timely execution of a supplementary budget. The emergency economic headquarters, convened for the first time since its creation last week, aims to address the ongoing crisis with the establishment of an emergency economic situation room at Cheong Wa Dae.

The headquarters consists of five subteams, each focusing on different areas: macroeconomic, energy, financial, people's livelihood, and overseas issues. The energy subteam reported on supply and price trends related to oil, gas, and naphtha. Meanwhile, the financial subteam shared plans to expand assistance to businesses affected by the crisis, and the people's livelihood subteam discussed preparations against potential disruptions to medical supplies.