Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il met with heads of research institutions on October 2, stating, "The government and research institutions must work as one team to ensure that growth benefits the lives of the people."
According to the Ministry of Finance and Economy, Lee held a meeting at the Government Seoul Complex with Lee Han-joo, chairman of the Economic and Social Research Council, and other heads of research institutions to discuss the topic of 'Diagnosis of the Korean Economy and Policy Directions.'
Participants expressed consensus on the expanding growth of the economy, noting that after five years, a growth rate in the 3% range is becoming visible, and the possibility of achieving a per capita income of $40,000 is increasing.
However, they acknowledged ongoing challenges such as rising prices and interest rates due to the prolonged Middle East conflict and shifts in major countries' monetary policies, as well as structural issues like polarization and a decline in potential growth rates. They suggested that the expanded policy capacity should be focused on addressing these issues.
Lee emphasized, "We will do our utmost to ensure that the benefits of growth lead to tangible improvements in the lives of the people and that our economy can take a further leap forward by alleviating polarization, stabilizing livelihoods, and boosting potential growth rates. The government and research institutions must unite and pool their wisdom."
He specifically requested the active cooperation of research institutions to successfully implement three key social policies—housing, jobs, and financial support for the underprivileged—being developed in collaboration with relevant ministries. He expressed hope for active communication and collaboration among practitioners, suggesting the establishment of working groups between the Ministry of Finance and Economy and research teams on key issues during the formulation of major policies, such as economic growth strategies.
Chairman Lee Han-joo also strongly agreed on the necessity of close communication and collaboration between the government and research institutions. He stated, "We will actively support the goal set by the Deputy Prime Minister upon taking office to create a Ministry of Finance and Economy that finds and implements answers needed by the people."
* This article has been translated by AI.
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