The world situation, a crisis that has become routine… A survival plan is urgent. Is there any solution?

The ongoing war between Israel and Hamas has resulted in over 10,000 deaths, leading to grim predictions that it could become the worst urban warfare since World War II. The war between Russia and Ukraine also continues, with no end in sight after more than a year of fighting.

The global economy is also unstable. The war is causing increased volatility in oil prices, and there are concerns that the continued rise of the dollar and high interest rates could deepen the global economic recession.

International conflicts and economic fluctuations can have global impacts and negatively affect various aspects of South Korea’s society, economy, and politics. Issues such as reduced exports due to the global economic crisis, difficulties in corporate management, job cuts, and inflation could affect the Korean economy.

In the face of this ‘new normal’ of crisis, experts emphasize the need for proactive responses to international regional conflicts and economic fluctuations. They particularly highlight the urgency of diplomatic efforts for international cooperation and stability, and proactive measures against the economic crisis.

Yu Kwang-ho, a specialist researcher at the Institute for Foreign Economic Policy, said, “The amount of crude oil imported from the Middle East, which fell to 59.8% in 2021, has surged to 70.2% due to the effects of the Ukraine war,” and suggested that “a crude oil supply policy considering the spread of the Israel war should be established.” He added that worst-case scenarios, such as Iran blocking the Strait of Hormuz, should also be prepared for, depending on the war situation.

There were also calls for preparedness not only for a physical war in response to tensions and potential conflicts with North Korea, but also for a cyber war. The power of cyber warfare was revealed in the Ukraine war. During the war, major data of Ukrainian public offices were deleted en masse without anyone knowing. The Ukrainian government urgently received backup from Microsoft in the U.S.

Song Tae-eun, a professor at the National Institute of Diplomatic Studies, emphasized, “The Israel war also saw massive, organized, and continuous cyber attacks,” and “North Korea is not only causing network paralysis like DDoS attacks, but also infiltrating networks and collecting information through cyber espionage.” North Korea is already launching cyber attacks indiscriminately, including on the U.S., Russia, China, and Africa. It is said to have risen to the position of a military power in cyber warfare.

In such a situation, diplomatic efforts for international cooperation and stability are important, and it is pointed out that economic countermeasures need to be prepared. Honorary Professor Kim Jung-sik of the Department of Economics at Yonsei University and Professor Je Sung-hoon of the Department of Russian Language at Hankuk University of Foreign Studies each stated, “In the new normal era where the new hegemonic war between China and the U.S. continues, we need to prepare for economic growth slowdown, and it is time to make consistent efforts to build peace on the Korean Peninsula.”