Finance minister Choi Sang-mok held a meeting with Middle East and energy economy experts on Tuesday to discuss the impact of the crisis in the region.

During the meeting, Choi said authorities are closely monitoring the effects of the increased instability in the Middle East on the domestic economy.

The experts emphasized the need to keep a close eye on the trends and to monitor the impact, saying the clash between Israel and Iran amid the ongoing Israel-Hamas war has become a major factor of uncertainty for the global economy.

The minister proposed that they maintain communication, before pledging to thoroughly monitor the developments and market trends, while preparing pan-government response measures to prevent an adverse impact on the local economy.