Economic
South Korea signals supplementary budget over Middle East oil shock
President Lee hinted at an emergency supplementary budget to counter high oil prices and geopolitical risks, focusing on households and small businesses.
President Lee Jae Myung has signaled the early preparation of a war-related supplementary budget to cushion the impact of elevated oil prices and Middle East tensions on the South Korean economy. The proposed budget would prioritize support for ordinary households and small business owners while aiming to stabilize domestic energy costs and financial markets. The move responds to warnings from the Finance Ministry and research institutes that sustained high oil prices could shave off more than half a percentage point from this year's GDP growth and lift inflation materially. The government is also pushing foreign exchange market stabilization legislation and expanded policy finance to underpin external stability and investor confidence.
- Status
- active
- Location
- Seoul, South Korea
- Date added
- 2026-03-26 00:01 UTC
- Last updated
- 2026-03-26 00:01 UTC
- Source
- KED Global
- Connected threats
- Not provided