Lee Declares Economic Emergency, Prioritizes Regions

Mar 20, 2026, 08:26 am

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President Lee Jae-myung speaks during a senior aides meeting at the presidential office on March 19. / Yonhap News

President Lee Jae-myung on March 19 described the current situation as an “economic wartime condition,” urging all government agencies to respond with heightened urgency amid the prolonged conflict between the United States and Iran.

During a senior aides meeting at the presidential office, Lee stressed that “the presidential office and all ministries must take the situation seriously as an economic wartime condition,” calling for swift and preemptive measures to stabilize the economy.

Lee referred to the planned supplementary budget as a “war budget,” emphasizing the need for rapid execution to minimize the impact of the Middle East crisis. He highlighted that “speed is critical,” adding that the budget should focus on easing pressure on livelihoods while sustaining economic recovery momentum.

He also underscored a “regional priority principle,” noting that local economies—already weakened—are facing greater challenges as the Middle East situation drags on. “As crises hit vulnerable groups harder, regional economies are encountering even greater difficulties,” Lee said, calling for all policies, including the supplementary budget, to prioritize regional support.

Lee added that the duration of the conflict remains uncertain, stating, “It is difficult to predict how long the war will continue. Preemptive measures are necessary across all aspects of people’s livelihoods.”

The president also praised Chief of Staff Kang Hoon-sik for securing 24 million barrels of crude oil during a recent visit to the United Arab Emirates, calling it “a very significant achievement.” He emphasized the urgency of securing stable energy supplies, saying, “At this moment, even one more drop of oil matters.”

Meanwhile, amid the government’s push to stabilize prices, food companies have begun lowering prices of ramen and cooking oil. Confectionery, bread, and ice cream products are also set to see price cuts starting in April.

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