{"id":2204686,"date":"2024-04-15T08:00:57","date_gmt":"2024-04-14T23:00:57","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204686"},"modified":"2024-04-14T22:20:47","modified_gmt":"2024-04-14T13:20:47","slug":"south-korea-braces-for-economic-fallout-as-israel-iran-tensions-rise","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/south-korea-braces-for-economic-fallout-as-israel-iran-tensions-rise\/","title":{"rendered":"South Korea braces for economic fallout as Israel-Iran tensions rise"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s finance minister Choi Sang-mok <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000068479&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">convened an urgent meeting<\/span><\/a><span style=\"font-weight: 400;\"> with key officials on Sunday to assess the situation in the Middle East following Iran\u2019s <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/04\/13\/statement-from-president-joe-biden-on-irans-attacks-against-the-state-of-israel\/\"><span style=\"font-weight: 400;\">drone and missile attack<\/span><\/a><span style=\"font-weight: 400;\"> on Israel. Choi received a report on the joint situation review meeting and warned that the escalating crisis could increasingly impact the South Korean economy. He also emphasized the need to examine the ministry\u2019s \u201ccontingency plan\u201d to respond swiftly to any urgent situation that can shock the South Korean economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Later in the day, President Yoon Suk-yeol also <\/span><a href=\"https:\/\/www.president.go.kr\/newsroom\/press\/Bw1ZQyDb\"><span style=\"font-weight: 400;\">presided over an emergency meeting<\/span><\/a><span style=\"font-weight: 400;\"> to discuss the impact of escalating Middle Eastern conflicts on South Korea&#8217;s economy and security. Yoon instructed officials to thoroughly prepare safety measures for South Korean residents, travelers and vessels in the region.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The escalating conflict between Iran and Israel could significantly impact South Korea\u2019s economy. South Korea imports <\/span><a href=\"https:\/\/keia.org\/the-peninsula\/what-is-koreas-energy-exposure-to-the-conflict-in-the-middle-east\/\"><span style=\"font-weight: 400;\">more than 60%<\/span><\/a><span style=\"font-weight: 400;\"> of its oil from the Middle East. Supply disruptions and price volatility resulting from regional instability may hinder South Korea\u2019s economic recovery. The government\u2019s urgent meetings highlight the need to monitor the situation closely and prepare contingency plans to mitigate potential risks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The likelihood of the conflict escalating into a full-scale war remains uncertain. The international coalition\u2019s efforts succeeded in limiting the scope of Iran\u2019s attack and the Iranian government\u2019s <\/span><a href=\"https:\/\/twitter.com\/Iran_UN\/status\/1779269993043022053\"><span style=\"font-weight: 400;\">statement<\/span><\/a><span style=\"font-weight: 400;\"> via its permanent mission to the U.N. appear to suggest that Tehran may be seeking to avoid further escalation. Nevertheless, South Korea will seek to mitigate any fallout from a direct conflict between Israel and Iran. For instance, Seoul will likely seek to further strengthen its strategic <\/span><a href=\"https:\/\/www.knoc.co.kr\/ENG\/sub03\/sub03_3_3.jsp#:~:text=Map%20of%20Storage%20Bases,2023.&amp;text=Department%20%3A%20Petroleum%20Stockpile%20Management%20Dept.\"><span style=\"font-weight: 400;\">petroleum reserves<\/span><\/a><span style=\"font-weight: 400;\"> for the foreseeable future.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s finance minister Choi Sang-mok convened an urgent meeting with key officials on Sunday to assess the situation in the Middle East following Iran\u2019s drone and missile attack on Israel. Choi received a report on the joint situation review meeting and warned that the escalating crisis could increasingly impact the South Korean economy. He [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2204687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2204686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea braces for economic fallout as Israel-Iran tensions rise - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/04\/south-korea-braces-for-economic-fallout-as-israel-iran-tensions-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea braces for economic fallout as Israel-Iran tensions rise - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s finance minister Choi Sang-mok convened an urgent meeting with key officials on Sunday to assess the situation in the Middle East following Iran\u2019s drone and missile attack on Israel. Choi received a report on the joint situation review meeting and warned that the escalating crisis could increasingly impact the South Korean economy. 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