The Korea Times
President Lee Jae Myung said Thursday it is time for the nation to fundamentally change its economic system, as rising oil prices and inflationary pressures from the war in the Middle East have dampened prospects of an economic recovery. However, Lee urged officials to embrace such grave economic conditions as an opportunity to improve the nation's economic system as he presided over his first plenary meeting of the National Economic Advisory Council (NEAC) to discuss measures to cushion the Middle East conflict's impact on the economy. "The war in the Middle East poses a significant threat to our economy in the short term, and in the long term, it is now time to make fundamental changes in South Korea's economic system," Lee said. "It is a crisis but also an opportunity." "In times of crisis, people become more willing to accept change, so we can turn this situation into an opportunity to build a system that allows us to take a fresh leap forward," he added. With a fragile truce deal between the United States and Iran entering its second day, an Israeli attack on Lebanon has threatened
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