"Aiming for 3% Potential Growth and $50,000 Per Capita Income": New Economic Goals Set

[Anchor]

President Lee Jae-myung has presented new economic goals during a Cabinet meeting, aiming for a 3% potential growth rate, becoming one of the world's top four trading nations, and reaching a per capita national income of $50,000. Emphasizing that the next 30 years will be determined by the achievements of this second half of the year, he urged government ministries to pool their efforts.

Reporter Kang Min-u has the story.

[Reporter]

President Lee Jae-myung noted that exports in the first half of the year neared $500 billion, driven by the semiconductor boom, and that exports of non-semiconductor items also increased by 16% compared to the previous year, before presenting the new economic goals.

[President Lee Jae-myung: I ask that you all pool your efforts so that this year will be remembered as the inaugural year of a leap toward an 'irreplaceable Republic of Korea,' with a 3% potential growth rate, becoming one of the world's top four trading nations, and achieving a per capita national income of $50,000.]

He emphasized the need to gradually raise the 'potential growth rate,' a mid-to-long-term indicator, beyond the growth of real GDP, which is a short-term indicator.

He added that along with economic growth, the government must lead a 'great economic transformation' by solving structural problems in our society, such as stabilizing prices and real estate, providing growth ladders for young people, and narrowing gaps in the labor market.

With forecasts of heatwaves and heavy rain continuing recently, he also ordered active and detailed inspections.

[President Lee Jae-myung: We must not allow even the smallest loophole. When it comes to safety issues, it is far better to be excessive than to be insufficient.]

Ahead of the second round of ministry work reports starting tomorrow, he urged the heads of each ministry and agency to engage in frequent dialogue with frontline public officials to identify problems early. He mentioned the 'forest fire cartel,' which was brought to light by an SBS report last month, as an example.

[President Lee Jae-myung: It is an absurd story. It seems that all of the over 1,000 companies have problems, as things stand now. Things like renting out licenses, and so on. But why have the Korea Forest Service and the Ministry of Agriculture, Food and Rural Affairs been unaware of this until now?]

Seoul Mayor Oh Se-hoon and Gwangju Mayor Min Hyung-bae attended the Cabinet meeting today (July 14) for the first time.

Reported by Jung Sang-bo and Yoon Hyung | Video by Lee So-young | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.