Hong Nam-ki Reports Iran Situation to National Assembly: "Stabilization Underway... Minimal Impact on Real Economy"

Economic Deputy Prime Minister Hong Nam-ki and Kim Sang-jo, Chief of the Blue House Policy Office, are reporting to Jeong Dong-young, leader of the Democratic Peace Party, on the economic situation related to the Iran incident at the National Assembly on the 9th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] Deputy Prime Minister for Economy Hong Nam-ki visited the National Assembly to report to the leaders of each party on the economic impact of the Iran situation. On this day, Deputy Prime Minister Hong explained the government's response measures to the party leaders and reported that, so far, the impact on the real economy, including oil prices, has not been significant.

On the morning of the 9th, Deputy Prime Minister Hong visited the National Assembly to meet with Lee Hae-chan, leader of the Democratic Party of Korea, Ha Tae-kyung, responsible leader of the New Conservative Party, Chung Dong-young, leader of the Party for Democracy and Peace, and Lee In-young, floor leader of the Democratic Party, stating, "I reported on five to six countermeasures regarding finance, oil prices, exports, the construction market, and overseas logistics."

He also said, "The most important issue is the safety of Korean nationals," adding, "I provided a detailed explanation of the measures currently being taken and those planned for the future." He continued, "Those who received the report responded that the government is responding meticulously and well."

Park Chan-dae, floor spokesperson for the Democratic Party, said in a briefing immediately after Deputy Prime Minister Hong's visit that "stabilization is progressing unexpectedly, and the U.S. and Iran are avoiding armed conflict," adding, "The impact on the real economy is currently expected to be minimal."

Spokesperson Park said, "Only about 3% is related to crude oil, and the impact on the financial market is also about 3%, so (for now) it is manageable," and added, "Reflecting this, both the stock market and financial markets are stabilizing considerably."

He also said, "However, if an attack occurs in the Strait of Hormuz, there is a risk regarding the fact that 70% of crude oil is imported through that route."

Spokesperson Park stated, "So far, there have been no casualties among local nationals, and evacuation of Korean nationals is not being considered yet," adding, "There was no mention of dispatching troops in today's report."

Deputy Prime Minister Hong is scheduled to visit the National Assembly again on the 10th to report related matters to the leaders of the Liberty Korea Party and the Justice Party. He said, "We are coordinating schedules with the Liberty Korea Party and others," adding, "I will visit the National Assembly again tomorrow."

He said, "Regarding the recent situation in the Middle East, I thought it appropriate to provide detailed reports on response plans to the leaders and floor leaders of each party (so I came)," adding, "The main point is to thoroughly monitor related developments, prepare countermeasures, and explain the government's plan to ensure thoroughness."

Kim Sang-jo, Chief of Policy Office, who accompanied Deputy Prime Minister Hong on the visit, said, "Including economy and diplomatic security, the government, inter-governmental bodies, and the Blue House have established a response system for continuous monitoring."

This content was produced with the assistance of AI translation services.