Overview
- The National Economic Advisory Council, which convened Thursday under President Lee Jae Myung, focused on shielding South Korea from the economic hit tied to the Middle East conflict.
- Lee urged short-, medium- and long-term steps to ease the public’s costs as oil prices rise and inflation pressures build.
- He said the country must overhaul its economic system to strengthen resilience, framing the crisis as a chance to push reform.
- The presidential office said it will turn the council’s recommendations into action after a session that brought together about 50 senior officials and advisers.
- With a fragile U.S.–Iran cease-fire under strain from new regional attacks, Lee ordered plans for all scenarios, including securing extra crude supplies and helping 26 Korea-linked ships stuck near the Strait of Hormuz.