President Lee Jae-myung directed officials on October 15 to pay special attention to policy funding, interest rate reduction support, and tailored debt restructuring to help navigate the challenges posed by rising interest rates.
During a senior secretary meeting at the Blue House, President Lee identified housing, job creation, and financial issues as the three key social policies the government should focus on for the remainder of the year.
He stated, "Our economy is achieving remarkable results in various sectors. If this trend continues, South Korea is likely to become the sixth country with a per capita income surpassing $40,000 among nations with populations over 50 million this year."
However, he noted that improvements in macroeconomic indicators are not translating into tangible benefits for citizens at a satisfactory pace.
President Lee remarked, "Despite excellent performances in key indicators, the pace of recovery that citizens expect is slow, and it does not feel like there has been significant improvement in their daily lives."
He emphasized the need for comprehensive efforts to ensure that the overall economic achievements translate into concrete benefits for individuals.
In the financial sector, he urged a focus on reducing the burden on low-income and vulnerable groups due to high interest rates. This includes strengthening policy funding and interest rate reduction support, as well as developing debt restructuring plans tailored to borrowers' situations.
President Lee also called for accelerating housing supply that meets the real demand across different life stages and swiftly implementing the 'National Job Project,' which encompasses job creation strategies in both the private and public sectors.
He added, "While it is important to expand existing policies, I also ask that new policies be developed to ensure that the benefits of growth are evenly distributed throughout our society."
* This article has been translated by AI.
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