President Lee Jae-myung stated at a cabinet meeting held at Cheong Wa Dae on the 14th that the government must concentrate all efforts on stabilizing prices and real estate directly affecting citizens' lives, and gradually raise the potential growth rate to 3% by fostering ultra-gap and ultra-innovation growth engines. The president referenced first-half exports approaching $500 billion, noting that forecasts suggest this year's real growth rate will reach 3%. He characterized the global industrial restructuring triggered by the AI revolution as opening a new window of opportunity for South Korea.
![President Lee Jae-myung speaking at cabinet meeting]()
President Lee Jae-myung speaks at a cabinet meeting at Cheong Wa Dae on the 14th. Photo: Cheong Wa Dae Press Corps
President Lee Sets 3% Growth Target and Export Milestones
President Lee stated that this year's first-half exports are approaching $500 billion and that forecasts indicate the real growth rate will reach 3%. He emphasized that the AI revolution has triggered global industrial restructuring that opens a new window of opportunity for South Korea. The president said the second half must accelerate the economic transformation toward making South Korea irreplaceable.
Three Mega-Projects Accelerated with Government-Business Coordination
The president directed that central government, local governments, and businesses must work as one body to achieve early realization of three mega-projects, which he identified as core to the economic transformation. He instructed all related procedures to proceed as quickly as possible, stating that shortening one day now can save ten days or one hundred days later.
President Lee stated the government must address structural problems in society while operating sustainable growth engines. He specified providing multi-layered growth ladders for young people in employment, housing, assets, and capability development. He directed acceleration of innovation in labor market gap reduction, public institutions, fiscal matters, and regulatory areas.
NATO Visit and Mongolia Trip Yield Defense and Tech Cooperation
President Lee assessed that his first NATO tour and Mongolia state visit concluded smoothly, stating the diplomatic schedule opened new horizons for global cooperation in defense industry and advanced technology. He instructed related ministries to pursue follow-up measures with speed so that diplomatic results provide practical benefits to citizens' lives and the economy. The president stated that a more stable and peaceful world order must support South Korea's greater leap and sustained growth.
He stated the government will steadfastly fulfill its role and responsibilities as a global responsible power based on national interest-centered pragmatic diplomacy, noting the world order is very unstable.
Osong Disaster Anniversary Prompts Safety Review Call
Regarding Chungcheongbuk-do Province organizing a memorial event for the 3rd anniversary of the Osong underpass disaster on the 15th, President Lee stated it is regrettable that three years were required for this proper action. He stated the nation must always thoroughly prepare for all disasters threatening citizens' lives and safety.
The president noted that extreme heat and heavy rain are forecast to alternate this week. He instructed detailed inspection of safety measures for vulnerable groups and dangerous areas. He stated that no small gap is absolutely permissible in protecting citizens' lives, and that excess in safety matters is far better than deficiency.
FAQ
What economic growth target did President Lee Jae-myung announce on the 14th?
President Lee Jae-myung stated at a cabinet meeting on the 14th that the government must gradually raise the potential growth rate to 3% by fostering ultra-gap and ultra-innovation growth engines. He noted that this year's first-half exports are approaching $500 billion and forecasts suggest the real growth rate will reach 3%.
What did President Lee say about his NATO visit and Mongolia trip?
President Lee stated that his first NATO tour and Mongolia state visit concluded smoothly, and assessed that the diplomatic schedule opened new horizons for global cooperation in defense industry and advanced technology. He instructed related ministries to pursue follow-up measures with speed so that diplomatic results provide practical benefits to citizens' lives and the economy.
