Seoul: South Korea is gradually feeling the impact of the prolonged conflict in the Middle East through higher consumer prices despite strong export data, the finance minister said Friday, vowing proactive steps to stabilize supply chains. Finance Minister Koo Yun-cheol presided over a meeting of economy-related ministers in Seoul to discuss countermeasures against the economic fallout from the geopolitical crisis in the Middle East, according to the Ministry of Finance and Economy.

According to Yonhap News Agency, Koo Yun-cheol highlighted that while South Korea has shown resilience with record exports, current account surpluses, and stock market performance, the extended conflict is beginning to visibly affect the real economy and citizens' livelihoods. The government is focused on minimizing the crisis's impact on livelihoods and is closely monitoring both domestic and international situations.

Koo expressed gratitude to local gas stations for their cooperation with the government's fuel price ceiling scheme, emphasizing that market prices remain below the cap. He revealed that the government is developing an economic growth strategy for the second half of 2026, which aims to enhance economic security by learning from the Middle East conflict.

South Korea plans to closely review changes in the economic environment, including the semiconductor industry's boom, and implement measures to alleviate economic polarization. The growth strategy will be unveiled at the end of June, according to the ministry. In a separate meeting with real estate-related ministers, Koo stated that the government will use all available measures to stabilize the property market.

Koo emphasized the urgency of housing supply, stating that a prompt supply is crucial. The government aims to expedite the process of providing more homes to the public. Additionally, the government is monitoring unfair practices in the real estate market and is taking firm action through relevant organizations.