Growth 36 times, support 24 times... President Lee: “₩821 trillion to be invested for the future” [President Lee’s Budget Address]

In his 2027 budget address to the National Assembly on the 2nd, President Lee Jae-myung identified “growth,” “support” and “investment” as key themes. His plan is to turn the gains from the economic recovery into income and jobs for the public, while expanding growth opportunities for young people and regions. He said the government would use 820.9 trillion won in fiscal resources—12.8% more than this year—to make livelihood stability and reduce disparities the foundation for sustained growth, and to support an economic leap forward through investment in future industries.
In a preliminary meeting with leaders of both ruling and opposition parties, President Lee also explained the direction of the budget, emphasizing the need to invest in the future in response to the People Power Party’s argument that debt repayment should come first. He urged the political community to pursue reasonable competition and cooperation, saying, “Competition is good, but it must not turn into a war.”
■ “Growth” 36 times; “support” and “investment” 24 times each
In his address that day, President Lee mentioned “growth” 36 times and “support” and “investment” 24 times each. “The people” appeared 23 times, “the future” 16 times and “livelihoods” nine times. In terms of policy targets, he referred to “regions outside the capital area” 15 times and “local communities” and “young people” nine times each.
President Lee cited a 3.8% growth rate in the first half of the year and the possibility of annual exports reaching $1 trillion, while identifying youth unemployment, difficulties faced by small business owners and the slow recovery of local economies as outstanding challenges. He said, “We have reached the point where we must answer this weighty question: What good is growth if my life does not get better?” The remarks were seen as identifying the task of future fiscal management as translating improvements in macroeconomic indicators into changes in individuals’ daily lives.
Explaining the details of the budget that day, President Lee stressed changes to how welfare policies are delivered as well as an expansion in the scale of support. Major social security benefits will shift from an application-based system to automatic provision. Support for marriage, childbirth and child-rearing will also be expanded, with newlyweds receiving a marriage support payment of 1 million won and families receiving up to 20 million won in child-welcome support when a child is born.
The government will also provide anchor companies making large-scale investments in regions with up to 50% of their facility investment costs, and will pursue tuition support at regional national universities and the creation of a special account for essential medical care in local communities. It will invest 21.3 trillion won in future industries, including three mega-projects and artificial intelligence (AI). The research and development (R&D) budget will also rise to 39.5 trillion won to support efforts to secure next-generation growth engines.
The defense budget was set at 73.3 trillion won, up 8.2% from this year. President Lee said, “We will ensure the timely acquisition of key capabilities, including those needed for the early transfer of wartime operational control, nuclear-powered submarines and the KF-21, and rapidly transform our military into a smart, elite force by building an integrated manned-and-unmanned system based on AI, robots and drones.”
■ Calls for cooperation between ruling and opposition parties
Before his budget address that day, President Lee explained how fiscal capacity should be used at a preliminary meeting attended by National Assembly Speaker Cho Jung-sik, leaders of both ruling and opposition parties, and heads of major constitutional institutions. In response to the People Power Party’s view that debt repayment should come first, he stressed the need for investment to lay the foundation for long-term growth.
President Lee said, “The People Power Party lawmakers say that the additional fiscal resources should be used to pay off debt. There is some validity to that,” but added, “However, if we judge that investing this money for the future would be useful in laying the groundwork for sustained growth, looking ahead, then I believe investing for the future is the right thing to do.” As the meeting went behind closed doors and reporters were leaving, Lee also remarked, “Is the People Power Party saying the problem isn’t the content of the [budget] bill, but that we should pay off debt?”
Speaker Cho said, “We will scrutinize the budget carefully to ensure it is put to good and essential use for the lives of the people and the future of the Republic of Korea,” adding, “The ruling and opposition parties will do their utmost together to ensure it is handled within the statutory deadline set by the Constitution.” He went on to stress, “The ruling and opposition parties cannot be divided when it comes to people’s livelihoods and the national interest.”
In the reception room, President Lee shook hands with People Power Party leader Jang Dong-hyeok and said, “It’s nice to meet you. I see you often on TV.” He asked Chief Justice Cho Hee-dae how he was doing.
Meanwhile, the address was briefly interrupted that day when People Power Party lawmakers protested during President Lee’s explanation of government bond issuance and other matters, shouting, “Resume the trial!” Lee said, “I’m speaking right now, and you keep interrupting. I’d appreciate it if you offered a specific point,” then asked whether he could continue. The address resumed after Democratic Party of Korea lawmakers replied, “Yes.” Earlier, dozens of People Power Party lawmakers had gathered at the main entrance before Lee arrived at the National Assembly, holding signs bearing slogans such as “₩1,400 trillion national debt + ₩126 trillion future debt-burden fund” and chanting in protest over the national debt, the trials and other issues.

[email protected] Choi Jong-geun, Jiwon Song Reporter