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

President Lee Jae Myung has called for a virtuous economic cycle to convert Korea's recent export growth into a recovery of domestic demand. This shift is crucial for the development of both large conglomerates and smaller firms in the country. The president's directive came during a meeting with key aides, following robust economic indicators driven by strong exports.

The Bank of Korea recently reported that the nation achieved an all-time high current account surplus of over $60 billion in September, largely due to robust semiconductor exports. Earlier data also revealed that Korea's exports surged by 93.7 percent from the previous year, reaching $115.3 billion in October, the second-highest monthly figure in the country's history after the $121.1 billion recorded just a month earlier.

To move beyond merely quantitative expansion, the president emphasized the need for a fundamental change in the manner of growth. He stressed the importance of establishing a national economic virtuous cycle, where increases in exports can lead to a recovery in domestic demand, fostering overall economic development.