Lee calls for virtuous cycle to translate exports growth into domestic demand recovery
President Lee Jae Myung on Thursday instructed officials to help build an economic virtuous cycle in which Korea's recent export growth can translate into a recovery in domestic demand, leading to the development of both large conglomerates and smaller firms. Lee issued the instruction at a meeting with his key aides amid strong economic indicators driven by brisk exports. His remarks came…
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.
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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