South Korea’s new president Lee Jae-myung wasted no time addressing economic concerns, launching his first cabinet meeting with an urgent focus on reviving the economy and supporting struggling households.
Just a day after taking office, President Lee Jae-myung chaired his first cabinet meeting, emphasizing the need for swift action on economic recovery—a key promise from his campaign. Lee enters office amid political upheaval following former president Yoon Suk Yeol’s brief imposition of martial law, which triggered his impeachment and public outrage.
Lee criticized the state of the presidential office, and pledged immediate stimulus spending of at least 30 trillion won ($22 billion) to counter sluggish growth. With South Korea’s economic forecast nearly halved this year, Lee and his nominated prime minister, Kim Min-seok, warn of a crisis deeper than the 1997 Asian financial crash. Meanwhile, unresolved issues with U.S. tariffs remain a looming challenge.
Read next
07:30
world news
South Korea and NATO have agreed to set up a new consultative body focused on defence industry cooperation, aiming to deepen collaboration through joint development and procurement initiatives.
10:30
U.S. & South Korea
The United States and South Korea have reaffirmed their commitment to reaching a tariff agreement as soon as possible, according to South Korea's Ministry of Trade, Industry and Energy.
09:30
world news
South Korea and Malaysia agreed to expand bilateral cooperation, including efforts to finalize a free trade agreement, during a phone call between their leaders, local media reported.
07:30
South Korea’s chief trade negotiator, Yeo Han-koo, will travel to the United States from June 22 to 27 for a new round of high-level discussions aimed at resolving escalating trade tensions, the Ministry of Trade, Industry and Energy announced on Saturday.
01:26
South Korea on Friday pushed back against U.S. demands to sharply increase its defense budget, saying its current spending is already among the highest relative to GDP for U.S. allies.
What is your opinion on this topic?
Leave the first comment