President Lee Jae-myung said May 7 that stabilizing prices must be the government’s top priority, calling for full use of available measures to secure supplies of crude oil and other key raw materials and to keep supply and demand steady for major goods.
Chairing a meeting with senior aides at Cheong Wa Dae, Lee warned that prolonged inflation would deepen the hit to livelihoods, weaken consumer sentiment and weigh on the economic recovery.
He said price pressures were rising as global oil prices remained volatile, noting that fuel prices climbed more than 20% amid uncertainty over ceasefire negotiations and that the consumer price increase in April widened from March.
Lee said active government management had kept Korea’s inflation increase relatively smaller than in other major countries, but added that was no reason for complacency.
While it is unclear how long the war will last, Lee said, how the country overcomes the crisis will shape the future of the economy. He urged the public, businesses and the government to pull together, saying the crisis could ultimately strengthen the economy.
Applications for the first round of “high oil price damage support payments” for vulnerable groups — including basic livelihood recipients, near-poor households and single-parent families — are open through May 8.
Lee said the central and local governments’ detailed preparations helped keep confusion and inconvenience low during the first round. He called for thorough checks and publicity so the second round, set to begin May 18, proceeds without disruption.
Lee also spoke about a 600 billion won citizen-participation National Growth Fund set to launch May 22, saying the world is engaged in a “war without gunfire” for leadership in future industries. He said active public investment to foster advanced industries could inject new and dynamic energy into Korean industry.
Growth that does not share results with the public is not sustainable, Lee said. He said the fund could help expand productive finance and serve as a solid catalyst for developing future advanced industries and helping people build stable assets. He urged officials to step up outreach and closely review any institutional shortcomings so more people can join and share in the gains.
Chairing a meeting with senior aides at Cheong Wa Dae, Lee warned that prolonged inflation would deepen the hit to livelihoods, weaken consumer sentiment and weigh on the economic recovery.
He said price pressures were rising as global oil prices remained volatile, noting that fuel prices climbed more than 20% amid uncertainty over ceasefire negotiations and that the consumer price increase in April widened from March.
Lee said active government management had kept Korea’s inflation increase relatively smaller than in other major countries, but added that was no reason for complacency.
While it is unclear how long the war will last, Lee said, how the country overcomes the crisis will shape the future of the economy. He urged the public, businesses and the government to pull together, saying the crisis could ultimately strengthen the economy.
Applications for the first round of “high oil price damage support payments” for vulnerable groups — including basic livelihood recipients, near-poor households and single-parent families — are open through May 8.
Lee said the central and local governments’ detailed preparations helped keep confusion and inconvenience low during the first round. He called for thorough checks and publicity so the second round, set to begin May 18, proceeds without disruption.
Lee also spoke about a 600 billion won citizen-participation National Growth Fund set to launch May 22, saying the world is engaged in a “war without gunfire” for leadership in future industries. He said active public investment to foster advanced industries could inject new and dynamic energy into Korean industry.
Growth that does not share results with the public is not sustainable, Lee said. He said the fund could help expand productive finance and serve as a solid catalyst for developing future advanced industries and helping people build stable assets. He urged officials to step up outreach and closely review any institutional shortcomings so more people can join and share in the gains.
* This article has been translated by AI.
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