President Lee Jae Myung: "We are now facing a 'growth famine' created by the previous administration; it is time to focus on growth and expand the pie"

[Financial News] President Lee Jae Myung stressed on the 2nd, "Unfortunately, we are now facing a growth famine created by the previous administration, so we must first focus more on restoring growth. That does not mean we have retreated on welfare."
Lee made the remarks in a post on X, sharing an editorial that argued the 820 trillion won budget proposal for next year should do more to address polarization.
Lee said, "If we fail to restore sustained growth and end up moving from 0% growth to negative growth, polarization will widen further, and welfare cuts could even follow."
He explained, "We cannot give up growth in order to expand welfare. Expanding growth and welfare simultaneously would be ideal but unrealistic. Inevitably, I believe that now is the time to focus on growth and expand the pie."
He added, "It may be difficult to be satisfied, but we are also working hard to expand welfare. We are even being criticized for having a budget based on excessive welfare populism. Only one year has passed, so I ask that you give us a little more time."
Lee's remarks are interpreted as meaning that the government intends to first restore economic growth and expand its fiscal capacity while pursuing welfare expansion at the same time.
[email protected] Choi Jong-geun Reporter