President Lee Jae-myung said on the 29th that his government will pursue three core social policies covering housing, jobs and finance for low- and middle-income households — the areas he said weigh most heavily on people's lives. Citing the Organisation for Economic Co-operation and Development's forecast that raised South Korea's growth rate for this year by 1.1 percentage points to 3.7%, Lee said the government should make active use of available resources and policy tools, including surplus tax revenue, to ease the polarization and inequality that lie at the heart of economic insecurity.
Speaking at a Cabinet meeting at Cheong Wa Dae, Lee said the government will concentrate available resources on supplying 1.19 million homes under its housing stability plan, on national employment programs and on expanding inclusive finance. Turning to the OECD forecast, he called it the largest upward revision among the Group of 20 economies, but added that the government must move faster to stabilize livelihoods so that the warmth of growth reaches every corner of people's lives. He again stressed the three core social policies.
"Fortunately, tax revenue this year is also projected to rise significantly more than initially expected," Lee said. "We must actively use the surplus tax revenue, the fruit of growth and recovery achieved through the efforts of all citizens, as seed money for substantive improvements in people's lives and for easing polarization." He added that he wants every ministry to devote all its efforts to swiftly implementing the three core social policies.
