President Yoon emphasized the need for swift government actions to mitigate the impact of external shocks on the domestic economy, particularly regarding rising oil prices and their effects on livelihoods.
On October 10, President Yoon Suk-yeol addressed the national council meeting at the Blue House, stressing the importance of mobilizing all national capabilities to minimize the effects of external shocks, especially in light of rising tensions in the Middle East. He pointed out the increasing uncertainties surrounding energy supply, shipping logistics, and finance that directly impact the South Korean economy. The steep rise in oil prices has exacerbated challenges in critical areas such as freight transport, delivery services, and agriculture, highlighting the urgency for government intervention.
President Yoon called for the government to identify and implement policies to alleviate the burdens faced by the public, including the execution of a maximum oil price system, adjustments to energy taxes, and direct consumer support initiatives. On the previous day, Kim Yong-beom, head of the Blue House Policy Office, announced plans to implement the maximum oil price system this week to stabilize domestic prices. The government is also considering bi-weekly adjustments to the maximum price and may use tax reductions as a buffer against rising costs. Additionally, Yoon suggested evaluating the necessity of a supplementary budget to address these urgent economic issues.
While recognizing that external factors cannot be perfectly controlled, President Yoon emphasized that leveraging various policy tools could transform challenges into opportunities. He urged for innovative approaches and quicker actions to stabilize market concerns and public sentiment, considering the current situation as an emergency that requires stepping beyond traditional policy frameworks.
