South Korea stepped up its emergency economic planning on Wednesday as Prime Minister Kim Min-seok warned the government must prepare for “worst-case scenarios” from a Middle East conflict that has shown no sign of abating.
The government planned to set up an emergency economic task force, led by Kim, to coordinate cross-ministerial efforts, the prime minister said at a press briefing, according to Yonhap News Agency.
“It is time to step up the government’s preemptive response system to prepare against a prolonged situation, including worst-case scenarios,” Kim said.
The group will convene twice a week across five working groups, overseeing the war-induced impact on energy, the macroeconomy, financial markets and household livelihoods, as well as overseas situation monitoring.
Separately, an emergency economic situation room will also be set up at the presidential office, Kim added.
