The government will operate an emergency meeting of economy-related ministers to better cope with the economic crisis.
 
The Ministry of Economy and Finance said on Wednesday that the economy-related ministerial meeting presided by Finance Minister Choo Kyung-ho will be switched to the emergency economic meeting.  
 
The weekly emergency meeting will examine the economic situations overall, including prices, public livelihoods, finance, exports and industrial activities, and devise necessary measures in a timely manner.
 
The first emergency meeting scheduled for Sunday will focus on prices of oil as well as agricultural and fisheries products and discuss how to address the inflation issue.
 
Choo, who doubles as deputy prime minister, assessed that the Korean economy is in a more precarious state than ever before amid growing uncertainties and steep fluctuations in the financial market both inside and outside the country. He forecast that the economic crisis will last for a considerable amount of time.
 
To tackle the crisis, he called for a swift formulation and execution of special countermeasures based on pan-national effort.