President Lee prioritizes economic issues and public welfare in his initial address to the parliament
In a bid to revive the flagging economy, President Lee Jae Myung delivered a fervent policy speech at the National Assembly in Seoul on June 26, 2025. The pressing need to address economic collapse and improve people's livelihoods, as fears of recession and sluggish growth loom large, was the central theme of the speech.
President Lee strongly advocated for an extra budget worth a colossal 30.5 trillion won ($22.4 billion) as a fiscal stimulus to combat the economic crisis. He argued that fiscal austerity would be a disastrous abdication of the government's duty in this critical hour.
The proposed supplementary budget would be meticulously allocated: 13 trillion won for universal cash grants to citizens, a boon aimed at sparking consumption and livelihood recovery; 3.9 trillion won earmarked for investment promotion in critical sectors like infrastructure, AI, renewable energy, and startups; and 5 trillion won to wipe debts for over a million debt- burdened individuals, with additional measures to bolster job security.
The President appealed for strong, united bipartisan support and cooperation, asserting that the president alone cannot restore the Republic of Korea to glory; collective effort is crucial to steer the nation towards fair growth. The model Lee envisioned, a shift towards "fair growth," aimed at opening new growth engines, sharing opportunities, alleviating polarization, and creating a prosperous society for all.
Lee underscored the importance of restoring transparency and fairness in the capital markets to revive the economy and pave the way for proper business growth. Revising the national tax revenue estimate downward by 10.3 trillion won for 2025, the government ensured funds would be allocated effectively without compromising fiscal stability or the National Assembly’s budget authority.
With the speech primarily focusing on practical measures to revive the economy and improve public livelihoods, Lee minimized political rhetoric, presenting a united front in the face of the looming economic crisis.
- The government's proposed policy-and-legislation includes an international review of climate diplomacy, recognizing the importance of global cooperation in addressing the climate crisis.
- President Lee's policy speech also emphasized the need for tech-driven development, seeking support for investments in AI, renewable energy, and startups to stay competitive in the global society and business landscape.
- To bolster public trust and ensure accountability, President Lee promised more general-news transparency regarding the government's policy-and-legislation decisions, stated in his speech.
- As part of his vision for fair growth, President Lee expressed his opinion that the government must take a proactive role in reducing economic polarization, both domestically and globally.
- In an attempt to revive the economy and encourage growth, the government announced plans for policy and legislation addressing recession and sluggish growth, echoing President Lee's call to action in his June 26, 2025, speech.
- The economic policy-and-legislation measures discussed in President Lee's speech aim to not only stimulate growth within the Republic of Korea but also contribute positively to the international economic and political climate.
