[Breaking] President Lee Jae-myung says, "A rise in interest rates is inevitable... We must ease the burden on vulnerable groups and make the fiscal role more precise"

[Financial News] President Lee Jae-myung stressed on the 1st that, in a situation where higher interest rates are unavoidable, fiscal policy must play a more precise role to minimize the pain felt by vulnerable groups and prevent damage to growth potential.
Presiding over the 38th State Council meeting at Cheong Wa Dae, Lee said in connection with next year’s budget proposal, "We are now standing at a crossroads between a prolonged low-growth trap and a rebound in potential growth."
He added, "We urgently need a productive fiscal strategy that uses expanded future resources to grow the economy, upgrade industrial capabilities, and then expand fiscal room again through that process."
He also said, "Especially now, a rise in interest rates cannot be avoided," and instructed that "fiscal policy must take on a more precise division of roles to minimize the hardship on vulnerable groups caused by higher rates and to ensure that growth potential is not undermined."

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