President Lee: "Excess tax revenue should be actively used to ease polarization"

[Financial News] President Lee Jae Myung said on the 29th, "Excess tax revenue should be actively used as seed money to bring about tangible improvements in people's lives and ease polarization."
At the 42nd meeting of the State Council of South Korea held at the main building of Cheong Wa Dae that day, President Lee said, "This year's tax revenue is also expected to increase significantly from the initial forecast." He stressed, "We must actively use available resources and policy tools, including excess tax revenue, to ease polarization and inequality, which are key causes of anxiety over people's livelihoods."
He continued, "The government will pursue three key social policies in housing, jobs and finance for ordinary people, the areas that have the greatest impact on people's lives." He added, "We will concentrate available resources on measures including the Housing Stability Plan's supply of 1.19 million housing units, the National Jobs Program and the expansion of inclusive finance."
President Lee urged, "I ask all ministries and agencies to make every effort to implement the three key social policies swiftly."
Regarding the economic outlook, he explained, "The Organisation for Economic Co-operation and Development (OECD) raised its forecast for our economic growth this year by 1.1 percentage points to 3.7 percent." He noted that this was "the largest upward revision among the 20 major economies." He added, "We must accelerate efforts to stabilize people's livelihoods so that the benefits of growth can reach every corner of every citizen's life."
Lee Hyoung-il, minister of the Ministry of Economy and Finance, also said, "Our economy is clearly standing out in terms of growth, buoyed by capabilities in semiconductors and other areas, but the issue of polarization remains a heavy concern for us." He stated, "We will take the lead in resolving polarization, focusing on housing, jobs and finance for ordinary people, and do our utmost."
President Lee also said, "Our country is among those with the highest household debt ratios in the world." He expressed concern that if interest rates continue to rise, "the financial circumstances of vulnerable borrowers and ordinary people are highly likely to become increasingly difficult." He instructed the Ministry of Economy and Finance to pay particular attention to finance for ordinary people and support for vulnerable groups.
He also urged the Ministry of SMEs and Startups, "As this is the most difficult area, I ask you to pay particular attention to it and do your utmost." He continued, "There are so many people facing difficulties that special measures seem necessary."

[email protected] Seong Seok-woo Reporter