Korea's ruling and opposition parties said Friday the government must come up with a plan to minimize fallout from Britain's decision to leave the European Union.

"The exit of Britain from the European Union is expected to have an adverse impact on the global and local economies," the ruling Saenuri Party said in a statement. "The South Korean government needs to take prompt and precise action in regards to this development."

Saenuri added the government must also keep close eyes on the changes in the U.S.'s key interest rates, adding it should also consider rolling out measures to stabilize the domestic market.

The main opposition Minjoo Party of Korea echoed the view, adding the issue will emerge as another major drag on the South Korean economy along with corporate restructuring and mounting household debts.

"President Park Geun-hye failed to show leadership in easing uncertainties in the South Korean economy. This time, we urge Park to come up with detailed plans that can be trusted by the people," Minjoo added. The minor People's Party said the government should also draw up blueprints for different scenarios, which includes "the worst case."

The party added efforts must be made to beef up the country's industrial capabilities to overcome any European crisis situation that can rock the South Korean economy. (Yonhap)