Lee Jae-myung: Youth Alienation Over Economic Gains Must Be Acknowledged

President Lee Jae-myung stated on June 23 that South Korea's youth are the most alienated generation, feeling disconnected from the nation's economic successes like record bonuses and a booming stock market. He urged the government to deeply acknowledge this sense of exclusion.

"Our young generation, who lack opportunities to build assets through stable jobs and income, are the most alienated in this era," Lee said during a joint Cabinet meeting and emergency economic inspection. "The government must painfully accept the alienation felt by young people who see record bonuses and the record-high KOSPI index as stories from another world."

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Our young generation, who lack opportunities to build assets through stable jobs and income, are the most alienated in this era. The government must painfully accept the alienation felt by young people who see record bonuses and the record-high KOSPI index as stories from another world.

Lee highlighted that while the economy boasts achievements like a semiconductor boom and stock market growth, a stark shadow of asset polarization looms. He stressed that meticulous and consistent efforts to provide more opportunities for young people across all policy areas are therefore crucial. He also pointed to the need for a "bold administrative transformation" to accelerate the nation's economic leap, urging a move away from outdated administrative cultures rooted in inertia.

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Stock trading settlement is currently two days. Discussions are underway to shorten this, with a target of the latter half of next year. We need to check if this is absolutely necessary.

Regarding stock market policies, the president questioned the necessity of the current two-day settlement period for stock sales. He suggested that the planned implementation in the latter half of next year be reviewed, noting that participants might find it hard to accept such a delay in receiving funds in today's fast-paced world. He also raised concerns about the benefits securities firms gain during this period, suggesting the settlement period should be shortened.

In a separate note, Lee mentioned a recent British media report suggesting South Korea's inclusion in the G7. He observed that many heads of state seek bilateral meetings with the South Korean president, often facing difficulties due to time constraints. He also noted significant international interest in South Korea's defense industry, with several countries requesting priority for exports like air defense systems, alongside a strong interest in the nation's democratic capabilities.

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Many heads of state want to hold bilateral meetings with the South Korean president, and it's difficult to accommodate them all due to time constraints.