South Korea considers special disaster status for flood-hit regions

South Korea is contemplating the declaration of special disaster zones for the southern cities of Geoje and Tongyeong, which suffered extensive damage from record-breaking heavy rainfall during the recent holiday period. Deputy Prime Minister Koo Yun-cheol announced that the government would mobilize all available resources, including considering the special disaster zone declaration, to support the swift recovery of residents in the affected areas. Koo made these remarks on Thursday morning while presiding over an emergency economic headquarters meeting. He also provided an update on the economic situation, noting that major institutions have revised South Korea's growth forecast for the year to the 3% range, citing strong export growth. However, he acknowledged renewed uncertainty from the Middle East conflict as the ceasefire agreement between the U.S. and Iran nears its expiration. The government is closely monitoring the situation to ensure energy and supply chain stability. Discussions also covered the ninth maximum oil price, set to be announced Friday evening, and the extension of measures against hoarding of urea solution and syringes. Koo emphasized the government's commitment to stabilizing prices for essential goods like agricultural, livestock, and fishery products, especially ahead of the Chuseok holiday, and to address unfair trade practices by dominant platforms.

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The government will mobilize all available resources, including considering the special disaster zone declaration, to support the swift recovery of residents in the affected areas.