Seoul:President Lee Jae Myung emphasized that the recent improvement in South Korea's potential growth rates indicates a strengthening of the national economy's fundamentals, which could foster balanced growth among businesses of varying sizes.
According to Yonhap News Agency, the president noted in a meeting with senior aides that an International Monetary Fund (IMF) report projected the country's potential growth rate to be 2.14 percent this year and 2.2 percent by 2027. These consecutive annual increases are the first in approximately 40 years.
President Lee highlighted the rebound in potential growth rates as a positive sign of the economy's foundational strength. He suggested that this trend should serve as a catalyst for sustainable growth by enhancing the competitiveness of advanced industries like artificial intelligence, while also supporting sectors that are recovering more slowly.
The president also addressed the importance of creating an industrial ecosystem where both conglomerates and small to medium-sized enterprises can thrive together. He cautioned against the concentration of growth solely on large conglomerates, which could exacerbate economic polarization and hinder the national economy's potential growth capacity.
Furthermore, President Lee stressed the need for renewed cooperation between large and smaller firms to ensure balanced growth that benefits the general population. In addition, he instructed officials to ensure thorough safety management at major facilities ahead of upcoming autumn festivals, including Halloween, to prevent crowd-related accidents.