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South Korean Finance Minister: Middle East Conflict Begins to Impact Economy

On May 15, South Korean Finance Minister Koo Yun-cheol stated on Friday that although export data remains strong, the long-standing conflict in the Middle East is gradually affecting the South Korean economy through rising consumer prices. The government will take proactive measures to stabilize the supply chain. According to the South Korean Ministry of Economy and Finance, Koo chaired a meeting of economic-related ministers in Seoul that day to discuss countermeasures against the economic impact of the Middle East geopolitical crisis. The ministry quoted Koo as saying, 'The prolonged war has begun to have a significant impact on South Korea's real economy and the lives of its people.' Koo also expressed gratitude to South Korean gas stations for cooperating with the government's fuel price cap mechanism, noting that current market oil prices are still below the cap level. He added that South Korea will closely assess changes in the economic environment, including the prosperity of the semiconductor industry, and study measures to alleviate economic polarization. The ministry announced that South Korea will unveil its economic growth strategy for the second half of the year by the end of June. Additionally, Koo chaired a meeting related to real estate and stated that the government will utilize all available means to stabilize the real estate market. (Dongxin News Agency)

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