Deputy Prime Minister Choi Sang-mok convened the second Advisory Meeting on International Economic Affairs at the Government Complex-Seoul on April 23 to discuss the outlook for the Middle East tension and its potential impact on the Korean economy with the Middle East and energy experts.

With an aim to seek strategic countermeasures against the rapidly escalating global uncertainties, the Advisory Meeting on International Economic Affairs was introduced in 2024 as an ad hoc committee to gather insights from domestic and international experts and incorporate their views into policies. This second meeting delved into an in-depth review of the future trajectory of the Middle East conflict.

DPM Choi emphasized that the recent tension between Israel and Iran has led to an unprecedented level of uncertainties in the global political and economic environment; under the circumstance, it is crucial to keep watch on the implications of Middle East risks on the Korean economy and be prepared to respond promptly.

Experts who attended the meeting viewed that the direct confrontation between Israel and Hamas has occurred amidst their long-lasting conflict, posing a great unpredictability to the global economy, and  stressed the importance of a meticulous monitoring on the developments of the situation and their potential spillovers.

As the meeting concluded, DPM Choi proposed the experts to continue communication with the government on the geopolitical issue, while reiterating the commitment of the entire government to provide intensive countermeasures to prevent any adverse impact on the Korean economy by carrying out a thorough review on the progress of the Middle East tension and financial market trends, as pointed out by the experts.

Please refer to the attached files.