[Financial News] The Ministry of Trade, Industry and Energy has assessed that the impact on the domestic real economy from the martial law situation is still limited. However, as it could lead to a domestic economic downturn, the ministry plans to closely monitor economic trends and respond by implementing next year’s budget early.
On the 16th, the ministry held an expanded executive meeting at the Government Complex Sejong, chaired by Minister Ahn Deok-geun, with key officials in attendance, including the 1st and 2nd Vice Ministers, the Trade Negotiation Headquarters, and directors from various offices such as the Korea Intellectual Property Office. During the meeting, they reviewed the real economic trends amid domestic political situations like the martial law and the passage of the impeachment bill, and discussed major tasks that need to be promptly addressed for public livelihood and economic stability.
The ministry evaluated that the direct impact on sectors such as exports, foreign investment, and energy supply remains limited but stated that they will continue to monitor specific trends in areas like exports and production without letting their guard down.
Given the significant concerns about a domestic economic downturn due to weakened consumer sentiment, the ministry decided to execute the 2025 budget swiftly from the beginning of the year and explore ways to strengthen public institutions’ roles in boosting domestic demand.
Additionally, they plan to closely observe trends in the distribution sector, prepare export support measures like trade insurance in response to external emergencies, and ensure stable energy supply management, including securing oil and gas reserves, in preparation for winter.
In response to the inauguration of the new Trump administration in the United States, the ministry also plans to closely collaborate with related departments and continue engaging in contact with the U.S.
Minister Ahn emphasized the importance of stable administration to prevent economic entities from feeling uneasy and urged public officials to focus more on their duties for public welfare and economic stability.