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🇰🇷 South Korea /Elections & Politics

President Lee Demands Full Policy Focus on Alleviating Polarization

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • President Lee Jae-myung stated that while AI is boosting the economy, it also rapidly widens the "K-shaped" polarization.
  • He urged a concentrated effort across fiscal, tax, and financial policies to alleviate this growing economic divide.
  • The president stressed the need for government-wide initiatives to support youth employment, asset growth, and housing stability, alongside aid for small businesses and tailored regional development.

President Lee Jae-myung warned that the ongoing artificial intelligence revolution, while invigorating the economy, is simultaneously exacerbating South Korea's "K-shaped" polarization at an alarming pace. Addressing a cabinet meeting, Lee called for a comprehensive mobilization of fiscal, tax, and financial policy resources to tackle the widening economic disparities.

AI revolution is injecting new vitality into our economy, but it also has the aspect of rapidly widening the shadow of K-shaped polarization.

— President Lee Jae-myungDescribing the dual impact of AI on the South Korean economy.

"Economic figures are improving remarkably," Lee acknowledged, "but conversely, countless small and medium-sized enterprises, small business owners, and young people are being left behind by the warmth of growth."

He highlighted persistent imbalances in income, assets, housing, and employment across different generations, regions, and social strata. "This is a truly painful reality, and we must devise countermeasures," Lee stated, emphasizing that deepening polarization erodes economic vitality, undermines national growth potential, and destabilizes social cohesion.

We ask that you concentrate all policy capabilities related to finance, taxation, and finance on alleviating polarization.

— President Lee Jae-myungUrging government action to address economic disparities.

To achieve sustainable growth, Lee stressed the necessity of structurally reducing polarization. This requires a government-wide effort focused on youth employment, asset accumulation, and housing stability. He also called for multi-layered support for SMEs and small business owners, as well as dedicated efforts to foster regional growth engines tailored to local needs.

Economic figures are improving remarkably, but conversely, countless small and medium-sized enterprises, small business owners, and young people are being left behind by the warmth of growth.

— President Lee Jae-myungAcknowledging the disconnect between macroeconomic improvements and the struggles of ordinary citizens.

Lee concluded by urging unprecedented intensity in policy execution, acknowledging that society is entering a new era. "As a new society is opening up beyond what we imagine, our response must be executed with an intensity previously unimaginable," he said.

This is a truly painful reality, and we must devise countermeasures.

— President Lee Jae-myungAddressing the severity of economic polarization in South Korea.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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