Fair growth plan dominated President Lee Jae Myung’s first parliamentary address on Thursday since his early election win three weeks ago. He urged swift bipartisan support for his administration’s proposed 30.5 trillion won ($22.4 billion) extra budget. This plan aims to boost South Korea’s economy while easing growing social inequality.
President Lee emphasized that the fair growth plan includes universal cash handouts to all 52 million citizens. The government intends to allocate 13 trillion won for these grants. Payments will range between 150,000 and 520,000 won depending on income and living conditions.
Additionally, Lee proposed a 3.9 trillion won budget for investment in infrastructure, AI, startups, construction, and renewable energy. The government also plans to spend 5 trillion won to write off debts for 1.1 million people and to bolster job security.
President Lee warned lawmakers that ignoring the economic slowdown could intensify competition and conflict. He explained that a new growth driver is essential. We must open the door to fair growth plan, he said, urging lawmakers to help share both opportunities and results of progress.
He also cited factors contributing to the current crisis: inflation, high borrowing costs, a weakening currency, and global instability. Lee specifically blamed the former administration’s martial law move, Washington’s tariffs, and unrest in the Middle East.
Responding to opposition criticism, Lee rejected claims of populism. It’s irresponsible to push for austerity during a crisis, he said. The government’s job is to protect lives.
Despite strong opposition from the People Power Party, Lee called for cooperation in passing the bill. He stressed that both sides must work together to protect people’s livelihoods. The ruling Democratic Party, with 167 of 298 seats, hopes to pass the budget by July 4.
During his 17-minute speech, Lee also laid out a pragmatic foreign policy. He stated that diplomacy should not follow ideology but serve national interests. There’s no left or right in diplomacy, he declared.
Lee reaffirmed his commitment to peace on the Korean Peninsula. He said peace would drive growth, and growth would in turn secure peace. He described this relationship as a virtuous cycle necessary for national prosperity.
Calls from the opposition to retract Prime Minister nominee Kim Min-seok followed Lee’s address. Critics questioned Kim’s financial history and past activism. However, Lee did not respond to those calls.
