Lee says Middle East war nearing end but warns 'it's just the beginning' for economic recovery

President Lee Jae-myung salutes the national flag at a senior presidential secretary meeting at Cheong Wa Dae on Friday. [Yonhap]
President Lee Jae-myung salutes the national flag at a senior presidential secretary meeting at Cheong Wa Dae on Friday. [Yonhap]

President Lee Jae-myung called on Cheong Wa Dae and the government to mobilize every available tool to stabilize prices and restore the livelihoods of ordinary citizens, saying both must treat the effort as a matter of survival.

Lee made the remarks Friday afternoon while presiding over a senior presidential secretary meeting at Cheong Wa Dae, saying the Middle East war that had dragged on for more than 100 days was finally nearing its end.

"The high oil prices, high inflation and intensified exchange rate volatility triggered by this war have inflicted significant damage on our economy," Lee said. He added that it would still take considerable time before the Strait of Hormuz fully reopens and energy supply chains return to normal.

"We must not think 'it's finally over' — we need to approach this with the mindset that 'it's just beginning,' and pour all our energy into restoring the everyday economy and addressing the shortcomings in our industries and economic systems," he said.

Lee said the most urgent task at hand was prices — "first and second, prices." He acknowledged that a petroleum price cap and preemptive measures had helped contain inflation to a significant degree, but said much still needed attention.

"We must continue developing measures to normalize petroleum product prices and ease the burden on consumers until international oil price instability has clearly subsided," he said. He also called for finding "extraordinary measures that go beyond existing frameworks" to stabilize the prices and supply of key items such as eggs, vegetables, fruit and meat.

"It is precisely when we think we have passed the crisis that we need bolder and more precise action," Lee added. "If we try to save a bucket of water just because the flames seem under control, we could find ourselves in far greater trouble."

Turning to the surge in heat-related patients amid the summer heat wave, Lee instructed officials to review heat response manuals, ensure cooling shelters are operating at full capacity, and carefully monitor workplaces to ensure workers can genuinely exercise their right to halt work in dangerous conditions.

Lee said he receives daily reports on industrial accident fatalities and noted that workplace fall accidents had recently jumped sharply. "We need to conduct a scientific analysis of the causes, but my initial guess is that it may be a lapse in attention due to the extreme heat," he said. "Improving the work environment and guaranteeing the right to stop work will help prevent industrial accidents."

With beaches across the country set to open next week, Lee also urged officials to conduct one more thorough check of safety measures at hazardous swimming areas and said preemptive action was essential against the price gouging that plagues every holiday season.

"Through the dedication and effort of public officials, public safety can be further strengthened and the abnormalities embedded in daily life can be corrected," Lee said. "This is a time when every public official must act with a sense of responsibility."

The closed-door portion of the meeting featured briefings on summer natural disaster response systems and action plans from the political affairs, economic growth, social affairs, and AI future planning secretariat offices, covering areas from economic preparedness to climate and environmental disaster readiness.

After receiving a report on inspection plans for disaster-risk facilities such as storm drains, Lee said officials must be held strictly accountable when accidents occur that could have been foreseen, and that those who take thorough preventive action should receive commensurate recognition.

Lee also referenced Gangneung, which suffered severely from an extreme drought last year, and directed officials to verify that fundamental drought countermeasures were in place. "Prepare thoroughly so that citizens do not have to endure the same hardship again," he said.


dingdong@heraldcorp.com