(LEAD) Lee calls for virtuous cycle to translate exports growth into domestic demand recovery

South Korean President Lee Jae Myung has called for a virtuous economic cycle to transform Korea's export growth into a revival of domestic demand. During a meeting with senior advisors, the president emphasized the importance of turning recent robust export growth into a development benefiting both major conglomerates and smaller businesses.

The president's call for change came after the Bank of Korea announced that the nation achieved an unprecedented current account surplus exceeding $60 billion in September, propelled by thriving semiconductor exports. Earlier figures revealed that Korea's exports surged by 93.7% from the previous year, reaching $115.3 billion in October. This marked the second-highest monthly export total in Korean history, surpassed only by the $121.1 billion recorded just a month prior.

To move beyond mere quantitative expansion and achieve a qualitative leap forward, Lee stressed that the Korean economy must undergo a fundamental shift in its growth approach. He stressed the necessity of constructing a national economic virtuous cycle, where the escalation of exports can catalyze a recovery in domestic demand.