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Lee Jae-myung Pushes 30.5 Trillion Won Stimulus Budget in First Policy Speech

He called for swift parliamentary approval under his Democratic Party’s majority to kickstart economic recovery.

Overview

  • President Lee said stalled growth and US trade tariffs have pushed the economy into a crisis that requires fiscal stimulus rather than austerity.
  • The 30.5 trillion won proposal includes 13 trillion won in universal consumption coupons worth 150,000 to 520,000 won per citizen to boost spending.
  • It also allocates 3.9 trillion won to infrastructure, artificial intelligence, renewable energy and startup projects to foster innovation and investment.
  • The budget dedicates 5 trillion won to erase debts and bolster job security for about 1.1 million low-income borrowers.
  • With the Democratic Party holding a legislative majority, Lee urged bipartisan approval to implement the measures and pursue dialogue with North Korea.