(LEAD) Lee says time to fundamentally change economic system over fallout from Mideast war | Yonhap News Agency

## Summary
OK (ATTN: UPDATES throughout with Lee's remarks, details; CHANGES headline, photo) By Yi Wonju SEOUL, April 9 (Yonhap) -- 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. President Lee Jae Myung (L) speaks during the first plenary meeting of the National Economic Advisory Council at the presidential office Cheong Wa Dae in Seoul on April 9, 2026, to discuss measures to cushion the Middle East conflict's impact on the economy. (Yonhap) julesyi@yna.co.kr (END) Keywords #Lee #economy Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S. Korean road lined with cherry blossoms KOSPI falls prev (LEAD) Lee says time to fundamentally change economic system over fallout from Mideast war Next (LEAD) Lee says time to fundamentally change economic system over fallout from Mideast war

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(ATTN: UPDATES throughout with Lee's remarks, details; CHANGES headline, photo)
By Yi Wonju
SEOUL, April 9 (Yonhap) -- 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 the deal.
Lee expressed concerns over the Middle East conflict, saying that "It is difficult to predict when the situation will be brought under control."
Lee also called on authorities to come up with short-, medium- and long-term measures to help ease the burden on the public.
Cheong Wa Dae earlier said it plans to devise and implement policies aimed at overcoming the current "complex emergency crisis" based on the opinions received at the meeting while promoting sustainable economic growth.
The NEAC is a presidential advisory body that directly advises the president on key economic policies and national development strategies. Thursday's meeting marked the first NEAC gathering since Lee took office in June last year.
The meeting was attended by around 50 participants, including NEAC Vice Chairman Kim Song-sik, Finance Minister Koo Yun-cheol and senior presidential aides.
President Lee Jae Myung (L) speaks during the first plenary meeting of the National Economic Advisory Council at the presidential office Cheong Wa Dae in Seoul on April 9, 2026, to discuss measures to cushion the Middle East conflict's impact on the economy. (Yonhap)
julesyi@yna.co.kr
(END)
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(LEAD) Lee says time to fundamentally change economic system over fallout from Mideast war

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## Expert Analysis

### Merits
- 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.

### Areas for Consideration
- 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.
- Lee expressed concerns over the Middle East conflict, saying that "It is difficult to predict when the situation will be brought under control." Lee also called on authorities to come up with short-, medium- and long-term measures to help ease the burden on the public.
- President Lee Jae Myung (L) speaks during the first plenary meeting of the National Economic Advisory Council at the presidential office Cheong Wa Dae in Seoul on April 9, 2026, to discuss measures to cushion the Middle East conflict's impact on the economy. (Yonhap) julesyi@yna.co.kr (END) Keywords #Lee #economy Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Implications
- OK (ATTN: UPDATES throughout with Lee's remarks, details; CHANGES headline, photo) By Yi Wonju SEOUL, April 9 (Yonhap) -- 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.
- Lee expressed concerns over the Middle East conflict, saying that "It is difficult to predict when the situation will be brought under control." Lee also called on authorities to come up with short-, medium- and long-term measures to help ease the burden on the public.
- President Lee Jae Myung (L) speaks during the first plenary meeting of the National Economic Advisory Council at the presidential office Cheong Wa Dae in Seoul on April 9, 2026, to discuss measures to cushion the Middle East conflict's impact on the economy. (Yonhap) julesyi@yna.co.kr (END) Keywords #Lee #economy Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Expert Commentary
This article covers lee, economic, korea topics. Notable strengths include discussion of lee. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 655.