Lee Hyoung-il vows to curb inflation and advance Korea’s three megaprojects

  • Lee Hyoung-il vowed to tame inflation while maintaining Korea’s economic growth momentum.
  • Korea is projected to post 3 percent growth this year, a five-year first.
  • The three megaprojects target semiconductors, physical AI and AI data centers.

Finance Minister nominee Lee Hyoung-il pledged to tame consumer-price inflation while sustaining Korea’s economic momentum at his first press meeting in Sejong since his Sunday nomination. Framing prices of daily necessities as the government’s economic report card, he said high costs hit vulnerable groups hardest and that price stability is the foundation of the livelihood economy and a starting point for reducing disparity, while flagging Middle East tensions and oil prices as key inflation risks. Lee said the Lee Jae-myung administration had helped the economy recover swiftly from the 2024 martial-law shock and that growth is projected at 3 percent this year, the first such reading in five years. He vowed to implement the three megaprojects initiative—semiconductors, physical AI and AI data centers—to unlock major investment, build regional growth hubs and support cutting-edge technologies, while easing regulations to improve conditions for domestic and foreign investors and keeping housing policy centered on residence rather than speculation. He also reiterated priorities of lifting potential growth and reducing polarization, stronger inter-ministry coordination through an economic issues council and a reinforced Economic Ministers’ Meeting, supply-focused real estate measures, and capital-market development alongside inheritance and gift tax changes targeting stock-price suppression. His nomination still requires a National Assembly confirmation hearing.

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