South Korea: Lee Says Time To Fundamentally Change Economic System Over Fallout From Mideast War

(MENAFN- IANS) Seoul, April 9 (IANS) South Korean President Lee Jae Myung said Thursday it is time for the nation to fundamentally change its economic system, as rising oil prices and inflationary pressures from the war in the Middle East have dampened prospects of an economic recovery.

However, Lee urged officials to embrace such grave economic conditions as an opportunity to improve the nation's economic system as he presided over his first plenary meeting of the National Economic Advisory Council (NEAC) to discuss measures to cushion the Middle East conflict's impact on the economy.

"The war in the Middle East poses a significant threat to our economy in the short term, and in the long term, it is now time to make fundamental changes in South Korea's economic system," Lee said.

"It is a crisis but also an opportunity."

"In times of crisis, people become more willing to accept change, so we can turn this situation into an opportunity to build a system that allows us to take a fresh leap forward," he added.

With a fragile truce deal between the United States and Iran entering its second day, an Israeli attack on Lebanon has threatened the deal.

Lee expressed concerns over the Middle East conflict, saying that "It is difficult to predict when the situation will be brought under control."

Lee also called on authorities to come up with short-, medium- and long-term measures to help ease the burden on the public.

Cheong Wa Dae earlier said it plans to devise and implement policies aimed at overcoming the current "complex emergency crisis" based on the opinions received at the meeting while promoting sustainable economic growth, Yonhap news agency reported.

The NEAC is a presidential advisory body that directly advises the president on key economic policies and national development strategies. Thursday's meeting marked the first NEAC gathering since Lee took office in June last year.

The meeting was attended by around 50 participants, including NEAC Vice Chairman Kim Song-sik, Finance Minister Koo Yun-cheol and senior presidential aides.

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