Lee Jae Myung's Bold Fiscal Drive for South Korea's Recovery
South Korean President Lee Jae Myung emphasizes the need for an active government role in executing bold fiscal policies, prioritizing economic recovery. He aims to normalize democracy and navigate the national crisis, proposing $14.7 billion in extra spending to support domestic demand amid trade tensions with the U.S.
South Korea's President Lee Jae Myung underscored the government's crucial role in implementing a bold fiscal policy during a news conference marking his first 30 days in office. Elected on June 3, Lee has made economic recovery to enhance citizens' lives his primary goal.
Lee stressed the importance of a proactive national financial role, pledging to pursue an expansionary fiscal policy to address the country's needs amidst what he termed a 'national crisis.'
His administration has proposed an additional $14.7 billion government spending package to boost weak domestic demand. Parliament, dominated by the Democratic Party, is slated to vote on the budget. Meanwhile, Lee is navigating trade negotiations with the U.S. to mitigate the effects of potential tariffs on South Korea's key industries.
(With inputs from agencies.)
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