During an emergency economic ministers' meeting, South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yoon-cheol, emphasized the government's commitment to using all available policy tools, including supplementary budgets, to support the economy amid growing uncertainties, particularly stemming from the Middle East situation. He expressed confidence in the fundamental strength of South Korea's key industries, like semiconductors, and affirmed that the nation has adequate crisis response capabilities, including 208 days of oil reserves.

Koo announced that the Economic Relations Ministerial Meeting would be transitioned to the Emergency Economic Ministerial Meeting and that the government’s joint emergency response team would be upgraded to the vice ministerial level. He highlighted specific measures that will be taken to monitor oil price trends and assess possible reductions in fuel taxes, alongside enhanced subsidies for transportation sectors like freight trucks and buses. The government plans to actively support small business stability through financial grants and additional emergency management funds.

In his remarks, Koo also outlined strict measures against profiteering during the crisis, including the implementation of a maximum oil price regime and prohibitions on hoarding behavior by oil companies and gas stations. He reiterated that existing market stabilization programs worth over 100 trillion won would be expanded if necessary, and additional emergency market stabilization measures would be executed promptly to ensure bond market stability. Furthermore, he stressed monitoring supply conditions for items reliant on the Middle East, and swift government action would be taken if such items needed to be designated as critical for economic security, especially focusing on securing alternative imports and materials for items like naphtha, responding efficiently to supply disruptions.