South Korean President Yoon Suk Yeol has vowed to prioritize stabilizing prices and improving people’s livelihoods amidst global economic turbulence. In a budget speech focused on economic and domestic issues, President Yoon emphasized the need for bipartisan support to address the challenges posed by global economic uncertainties and security threats.
President Yoon reiterated his commitment to sound fiscal policies and avoiding the accumulation of debts for future generations. He highlighted the praise received from the International Monetary Fund for South Korea’s fiscal policies and the importance of maintaining the country’s national credit rating.
The president outlined the government’s focus on increasing welfare benefits and services for vulnerable groups. Efforts to reduce the burden of basic living costs, such as transportation and communication fees, were highlighted, along with expanded financial services for low-income individuals.
President Yoon also pledged support for young job seekers and university students from low-income backgrounds. He urged special consideration for basic livelihood beneficiaries and the provision of national scholarships to 1 million university students and youths.
In addition to addressing immediate concerns, President Yoon emphasized the government’s commitment to creating quality jobs and investing in new growth engines. He announced a 4.4 trillion-won investment in areas such as artificial intelligence, biotechnology, cybersecurity, and digital platforms.
Before his speech, President Yoon had a brief meeting with opposition leader Lee Jae-myung. The meeting could mark the first conversation between the two since President Yoon took office in May 2022. The meeting took place as part of an annual parliamentary tradition preceding the president’s visit to parliament for a speech.
In conclusion, President Yoon Suk Yeol’s budget speech focused on stabilizing prices, improving livelihoods, and addressing global economic challenges. The president emphasized the importance of bipartisan support and sound fiscal policies. The government’s priorities include increased welfare benefits, support for vulnerable groups, job creation, and investments in emerging technologies. The meeting with opposition leader Lee Jae-myung signifies a potential step towards collaboration between the ruling and opposition parties.
