Seoul: President Lee Jae Myung on Thursday underscored the necessity of implementing another stimulus package to enhance domestic consumption, emphasizing that reviving consumer spending is crucial for stable economic growth. Lee's comments came during a meeting with senior aides, where he mentioned recent improvements in consumer sentiment aided by the government's cash handouts.
According to Yonhap News Agency, Lee highlighted the positive impact of consumption coupons, stating, "The impact of the consumption coupons is starting to show, and we must ensure that this does not stop." He referred to data showing that consumer sentiment reached a four-year high in July, with 55.8 percent of small business owners reporting increased sales. The government had previously initiated cash handouts of 150,000 won (US$108), with additional support for low-income and single-parent families.
During the meeting, President Lee also urged his aides to explore strategies for significantly expanding renewable energy production to meet the nation's 2035 greenhouse gas reduction target, which is due to be submitted to the United Nations this year. Lee Kyu-youn, senior secretary for public relations and communication, relayed that the president emphasized the interconnectedness of environmental and economic issues, advocating for transforming the climate crisis into a growth opportunity.
Lee also addressed the potential impact of meeting the reduction target on electricity rates, stressing the importance of actively informing the public and securing their support. He further noted that policies should account for the specific circumstances of heavy industries such as steel, oil refining, and chemicals, highlighting the need for tailored approaches in these sectors.