Following President Lee Jae Myung’s call for decisive action to address energy concerns stemming from the US-Israel conflict with Iran, South Korea’s government is reportedly proposing a supplementary budget of $17.3bn to aid consumers and businesses affected by the escalating war.
This would be the second extra budget in under a year under Lee’s administration, which has committed to an expansionary fiscal policy to boost economic growth since President Lee took office in June.
South Korea relies on the Middle East for 70 percent of its oil, and the ongoing conflict has already had a significant impact on the country’s economy, with the KOSPI index experiencing an 11.36 percent decline over the past month.
The stock market downturn continued on Tuesday, with the KOSPI index falling 2.71 percent, or 143 points, to 5,134.16 as of 04:00 GMT.
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