Lee Jae Myung Advocates Bold Fiscal Policy Amid Economic Recovery Drive

South Korean President Lee Jae Myung stressed the critical need for an active government role in executing bold fiscal measures at a recent news conference commemorating his first month in office. Elected in a June 3 snap election, Lee's foremost priority is achieving an economic rebound that enhances citizens' lives.

During his opening remarks, Lee highlighted the necessity of a proactive national finance role, pledging to institute an expansionary fiscal policy. He also vowed to restore democracy and foreign relations, referencing the national crisis after his predecessor Yoon Suk Yeol's martial law declaration in December.

To address sluggish domestic demand, Lee's administration proposed an extra $14.7 billion in government spending, with a parliamentary vote by his Democratic Party on the budget impending. Additionally, Lee aims for beneficial trade talks with the U.S. to mitigate potential tariff impacts on the semiconductor, auto, and steel sectors.

(With inputs from agencies.)