Finance minister nominee sees 3% growth, $40,000 per capita income this year

Lee Hyoung-il, the nominee for deputy prime minister and minister of finance and economy, painted a hopeful picture of Korea's economic future on Tuesday. He predicted that the country could experience a 3 percent growth rate this year and surpass the $40,000 mark in per capita national income. This projected growth is attributed to the booming semiconductor industry, which is driving key economic sectors such as exports and investment.

During his confirmation hearing at the National Assembly, Lee, who currently serves as the first vice finance minister, emphasized that domestic consumption and employment levels are anticipated to rise after a short delay. He stated that achieving a 3 percent economic growth rate this year is becoming more realistic, paving the way for per capita income to reach the $40,000 range.

Lee committed to closely monitoring potential risk factors, including fluctuations in the semiconductor market, changes in global interest rates, and capital movements, in order to maintain macroeconomic stability and reduce market volatility. He also commented on the recent monetary tightening measures implemented by the Bank of Korea, including consecutive interest rate hikes.