Economy and Finance Minister Hong Nam-ki has instructed officials to thoroughly check internal and external risks to the economy for a smooth transition of power. 

Hong gave the direction during an emergency meeting on Tuesday, stressing that it is very important to stably manage current issues so that there is no vacuum in policy responses before the launch of the new administration. 

During the meeting, the senior ministry officials discussed matters related to Russia’s war on Ukraine, including Seoul’s measures to cushion its impact on the local economy. 

Other concerns deliberated include inflation, supply chain risks, the real estate market and household debt. 

The minister called for swift responses to matters that need immediate follow-up measures via close consultations with related ministries.