Finance minister nominee sees 3% growth, $40,000 per capita income
Lee Hyoung-il, nominee for deputy prime minister and minister of finance and economy, presented an optimistic economic outlook, Tuesday, forecasting that Korea could achieve 3 percent growth this year and cross the $40,000 threshold in per capita national income, fueled by a thriving semiconductor sector amid the ongoing artificial intelligence surge. During his confirmation hearing at the…
Deputy Prime Minister and Finance Minister candidate Lee Hyoung-il expressed confidence in South Korea's economic prospects during his confirmation hearing at the National Assembly. He projected a 3% growth for the year and anticipated a per capita national income surpassing $40,000, driven by a robust semiconductor industry amidst the growing artificial intelligence sector.
Lee, who currently serves as the first vice finance minister, highlighted the semiconductor boom's impact on crucial economic indicators like exports and investment. He predicted that domestic consumption and employment would follow a short delay, accelerating the 3% growth target and paving the way for per capita income to reach the $40,000 mark.
Lee pledged to diligently monitor potential risks, such as semiconductor market volatility, global interest rate changes, and capital flows, to maintain macroeconomic stability and alleviate market turbulence. He also commented on the recent monetary tightening measures undertaken by the Bank of Korea, including consecutive rate hikes.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Finance minister nominee sees 3% growth, $40,000 per capita income koreatimes.co.kr
