President Lee Emphasizes Innovation Growth in Meeting with Nobel Laureate Peter Howitt

President Lee Jae-myung met with Peter Howitt, a professor at Brown University and last year's Nobel Prize winner in Economics, on May 15 at the Blue House. During the meeting, Lee credited Howitt's guidance through his former student, Chief Economic Advisor Ha Joon-kyung, for helping South Korea achieve the highest global growth rate in the first quarter of this year.

"Your mentorship has greatly benefited our national policies," Lee said, acknowledging Howitt's influence on Ha, who was advised by Howitt during his doctoral studies at Brown University in 2003.

Lee noted that Ha is directly overseeing South Korea's economic growth strategy, emphasizing that the country is focusing on innovation-driven growth, as taught by Howitt.

He also requested Howitt's insights on South Korea's economic growth strategy, adding, "I apologize for the delay, but congratulations on your Nobel Prize win."

Howitt expressed gratitude for the meeting, mentioning that he had heard it was Teacher's Day in South Korea. He expressed joy in seeing Ha implement the teachings he provided.

He remarked, "The large corporations that have driven South Korea's economic growth for decades are not resting on their laurels but are continuing to innovate at a high level. I found that South Korea's R&D spending is the second highest in the world relative to GDP."

Howitt praised President Lee's support for startups and small businesses, calling them the key drivers of economic growth and highlighting the incentives and financial support being provided under Lee's leadership. He noted the importance of ensuring that the benefits of growth are distributed inclusively and that rational policies are established.

He also commended the government's efforts to maintain a sound fiscal policy while minimizing deficits and effectively managing inflation targets.

Howitt concluded by emphasizing that despite the current unstable and uncertain global environment, South Korea has achieved impressive results, stating, "While many countries face various headwinds, few have navigated these challenges as successfully as South Korea."