President Yoon Suk Yeol on Tuesday voiced concern over macro economic factors and called for swift measures to minimize possible adverse effects on the local economy.

Yoon made the remarks during a weekly meeting with senior aides, according to his senior press secretary Kim Eun-hye.

Yoon said that economic conditions at home and abroad are "grievous" and cited the rising value of the U.S. dollar resulting in a sharp depreciation of the won and widening the trade deficit.

The president urged relevant ministries to enhance their monitoring of market volatility and make sure there is no lagging in response measures aimed at stabilizing people's livelihood.

Also pointing to financial crimes that take advantage of rising interest rates, Yoon stressed that it is the state’s responsibility to protect ordinary and vulnerable citizens from excessive lending rates and overzealous debt collectors.

He asked law enforcement and watchdog agencies to join hands in clamping down on such crimes, punishing the perpetrators and providing support for victims.

Regarding next year's budget, Yoon stressed the importance of attaining a more balanced budget through a spending overhaul.