The presidential office has vowed to minimize the impact of the war between Israel and Palestinian militant group Hamas on the South Korean economy.

Senior presidential secretary for economic affairs Choi Sang-mok delivered the pledge in a press briefing on Monday, saying that related ministries and financial authorities are currently closely examining the market situation and expected impact following the outbreak of the conflict.

Due to great uncertainty over how the conflict will develop, Choi said the government will exercise extreme vigilance and further strengthen market monitoring while keeping all possibilities open and doing its best to minimize the impact on the economy.

Regarding concerns about the rise in international oil prices due to the Middle East conflict, the presidential secretary said that economic uncertainties are feared to continue growing due to the conflict.

He added that the government will remain open to using domestic systems such as fuel tax to reduce the burden on households while monitoring oil prices and the consequences of the conflict.

Choi stressed that the government will remain vigilant and closely monitor the uncertainties and variables of the global economy, doing its best while keeping various possibilities open. 

The National Security Office of the presidential office is also reportedly receiving updates on the conflict and analyzing its impact on the country’s security and supply chains.