1.7% Growth in Q1, the Highest in the OECD: Laying the Groundwork for Economic Growth [One Year of the Lee Jae-myung Administration]

The Lee Jae-myung administration highlighted its economic achievements at a State Council of South Korea meeting marking one year since the government took office. The Ministry of Economy and Finance reported that the economy grew 1.7% quarter on quarter in the first quarter of this year, the highest among major Organisation for Economic Co-operation and Development (OECD) member countries. The Ministry of Planning and Budget said active fiscal management had laid the groundwork for economic growth.
At the "State Council of South Korea and Emergency Economic Review Meeting" held on the 20th and chaired by President Lee Jae Myung, government ministries presented these policy achievements. The meeting, held at Cheong Wa Dae, served as a forum for 31 agencies to report progress that the public could feel over the past year.
At the meeting, President Lee urged officials to "return to our original resolve once again and renew our attitude toward governing if we are to bring bigger and more meaningful changes to people's lives." Lee took office on June 4 last year.
The Ministry of Finance and Economy reported a rapid economic recovery and strong exports. It said the country's export ranking rose from 8th in the world last year to 5th this year, and that the undervalued KOSPI had entered the 7,000-point era since the launch of the Lee Jae-myung administration. The Ministry of Trade and Industry cited the conclusion of the United States–Korea Tariff Negotiations, a record-high export performance last year, broader export markets, responses to an energy crisis originating in the Middle East, and a major AI-driven transformation in manufacturing as key achievements. The Ministry of Oceans and Fisheries (MOF) also pointed to its relocation to Busan Metropolitan City.
President Lee said, "The government's most important goal is to improve people's lives in a tangible way, and policy success or failure is judged by whether it brings real change to people's lives, and how much." He added, "We began our term with urgent tasks amid difficult domestic and external conditions, but thanks to the support of the public and the dedication of civil servants, I believe we have managed to get through several critical moments reasonably well."
He also stressed, "We must continue making steady efforts to accumulate many small achievements that people can actually feel through proactive and forward-looking administration. As I often say, there is no single magic solution." He added, "Rather than simply saying that we carried out a project or planned one, we must always focus on how the policy outcome changed people's lives. I hope we do not hold back in rewarding and encouraging public officials who have contributed to improving people's lives."
Meanwhile, a range of pending issues were discussed at the meeting. Regarding Israel's seizure of a vessel bound for the Gaza Strip and the detention of South Korean nationals, President Lee suggested he would review the issue of an arrest warrant for Benjamin Netanyahu, the Prime Minister of Israel, issued by the International Criminal Court (ICC). "Didn't they detain our citizens for reasons that are not legally justified under international law?" he said. "It is excessive. It is far too inhumane." He continued, "Didn't many European countries say they would arrest Netanyahu if he entered their territory? Follow the principles. We have already shown too much patience. This has gone far too far."
cjk@fnnews.com Choi Jong-geun, Seong Seok-woo Reporter