South Korean Prime Minister Han reshapes emergency economic response to Middle East conflict

South Korea’s Prime Minister Han Duck‑kyu announced the conclusion of the 16th emergency economic monitoring meeting, ending a series of sessions that had been chaired by the premier. Responsibility for addressing Middle‑East geopolitical risks will be transferred to the deputy prime minister, who will now lead a dedicated response structure. Economic issues will be handled by the deputy prime minister, while the science and technology minister will focus on AI and related technology matters.

Han also detailed measures taken to mitigate oil‑price shocks, noting that the government has secured oil supplies at 110 % of the previous year’s August volume and over 90 % for September. He cited the oil‑price ceiling and fuel‑tax cuts as part of the response. The administration will continue to enforce actions against market‑disruption practices such as hoarding and collusion, and to monitor the implementation of the price‑stability law. Summer‑season public‑safety checks, including heat‑wave alerts, protection of vulnerable residents, and food‑poisoning prevention, were also emphasized. The government reported a 3.8 % economic growth in the first half of the year compared with the prior year, indicating resilience amid the crisis.