Finance Minister Choi Sang-mok on Wednesday called for preemptive responses to prevent the possible impact of ongoing conflicts in the Middle East on the domestic economy.

Choi made the call during an economic advisory panel meeting in Seoul, as tensions remain high in the region as Iran has vowed to retaliate against Israel for last month’s assassination of Hamas’ top political leader, Ismail Haniyeh.

“In response to the ongoing conflict in the Middle East, we need to stay vigilant and closely monitor the situation,” Choi said.

“We must make all-out efforts to devise and implement preemptive responses to prevent any negative impacts on our economy,” he added.

Experts said the conflict has had a limited impact, but uncertainties remain high, with them urging the government to monitor the market with a high level of alertness, the ministry said.

Source: Yonhap News Agency