Finance minister nominee sees 3% growth, $40,000 per capita income this year
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…
Finance minister nominee Lee Hyoung-il outlined an optimistic economic forecast on Tuesday, predicting Korea could achieve a 3% growth rate this year and reach a per capita income of over $40,000, driven by a robust semiconductor industry amid the AI boom. Speaking at his confirmation hearing at the National Assembly, Lee, who currently serves as first vice finance minister, attributed the semiconductor boom to the improvement of crucial economic indicators, such as exports and investment.
He added that domestic consumption and employment are anticipated to follow a short delay, making the 3% economic growth target more attainable. Lee pledged to closely monitor potential risks, including fluctuations in the semiconductor market, changes in global interest rates, and capital flows, to maintain macroeconomic stability and curb market volatility.
He also commented on the Bank of Korea's recent monetary tightening measures, emphasizing the need for careful consideration of these actions in the context of the broader economic landscape.
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.
