First month of Lee Jae Myung's presidency: economic policy and initial achievements

Up next we shed light on the Lee Jae Myung administration's economic initiatives over the past month and the plan ahead.

Our Moon Ji-young has details.

President Lee has made it clear that his administration's top priority is the urgent recovery of people's livelihoods.

This pressing focus on livelihoods stems from a challenging economic forecast that, as one expert recently highlighted, explains the government's strong emphasis on the critical need for immediate action.

"Well, the growth rate this year is only expected to be 0.8% by the Bank of Korea, and a lot of international investment banks are predicting that it'll actually be worse. Some are predicting that the growth rate will only be 0.3%. The two main pillars of the Korean economy are exports and domestic consumption, and both seem to be down very much this year."

President Lee has emphasized efforts to alleviate economic hardship,

noting the swift activation of an emergency task force and the rapid allocation of a 30-point-5 trillion won supplementary budget, urging parliamentary approval to stimulate the economy.

Beyond immediate relief, a central theme of the President's address was an unwavering commitment to investing in future-oriented sectors.

This includes advanced technology industries like AI and semiconductors, renewable energy initiatives, and the cultural sector.

He articulated plans to prepare for a 'KOSPI 5,000 era' by advancing capital markets, aiming to channel capital into productive areas and enable citizens to invest in growing enterprises, thereby increasing national wealth.

He also outlined a vision for balanced national development, seeking to overcome regional disparities and foster industrial collaboration between large corporations, SMEs, and startups.

Regarding tariff talks with the U.S., President Lee said the government has made utmost efforts on tariff negotiations, but he can't say whether the talks could be concluded by July 8th, a deadline set by U.S. President Donald Trump.

Moon Ji-young, Arirang News.