SEOUL-- President-elect Yoon Suk-yeol said Friday the economy is showing clear signs of a "multi-front crisis," with inflation particularly concerning, and instructed his transition team to come up with countermeasures.

"We will have to properly establish a comprehensive plan to improve the economic structure, including measures to stabilize prices to prepare for inflation over the long term," Yoon said at a meeting with committee leaders. "It appears that the lives actually felt by the people are extremely difficult."

Yoon said the Bank of Korea's decision Thursday to raise the interest rate to 1.5 percent was partly inevitable, but asked that the committee look into ways to minimize its harmful impact on vulnerable populations.

"The new government's agenda has to be based on prioritizing only the national interest and the people," he said, adding that implementing the agenda is just as important as choosing items to place on the agenda.

"I ask that you draw up a detailed action plan that will enable us to properly keep our promises to the people," he said.

Source: Yonhap News Agency