Finance minister nominee vows to tackle inflation, bolster economic recovery
Finance minister nominee Lee Hyoung-il on Tuesday vowed to tackle inflation and bolster economic recovery once he takes office. Lee made the remarks during his confirmation hearing at the National Assembly in Seoul, saying Asia's No. 4 economy currently stands at a critical juncture amid the artificial intelligence (AI) boom. "Growing demand for AI services has led to a semiconductor boom, while…
Finance minister nominee Lee Hyoung-il pledged on Tuesday to tackle inflation and support economic recovery during his confirmation hearing at the National Assembly in Seoul. He emphasized that South Korea, currently the world's fourth largest economy, is at a crucial moment due to the artificial intelligence (AI) boom. Lee explained that the surge in demand for AI services has triggered a semiconductor boom, while key economic indicators, such as exports and investment, are showing signs of improvement.
Despite reporting that the country is set to achieve a per capita gross national income (GNI) of over $40,000 this year, Lee stressed that addressing potential risks from uncertainties in the global trade environment is essential. He highlighted the need to build resilience against global trade uncertainties and geopolitical threats, including the ongoing war in the Middle East.
Once appointed, Lee vowed to prioritize efforts to ensure economic recovery translates into better livelihoods. He stressed the importance of stabilizing the economy and improving the lives of the citizens.
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.
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