Photo : YONHAP News
President Lee Jae Myung vowed to leverage South Korea’s full capacity to minimize increases in consumer prices stemming from the protracted war in Iran, and said he does not expect the country to enter a crisis.
During a press conference marking the first year of his presidency at Cheong Wa Dae on Monday, Lee said the economy would take a long time to recover even if a ceasefire is extended, and that Seoul is preparing a response.
The president said that South Korea is receiving more than 87 percent of its necessary crude oil supply without disruption, thanks to import diversification and other stabilization measures, and that the country is capable of handling further shortages.
Lee raised concerns about inflation and said efforts were underway to minimize inflationary pressure through oil price caps, the use of oil reserves and state assistance.
Still, the president said South Korea has managed inflation relatively well compared to other nations and that he expected the administration to avoid worst-case scenarios by keeping markets functioning normally and managing inflation.