Seoul: President Lee Jae Myung on Thursday emphasized the necessity for a new stimulus package aimed at invigorating domestic consumption, underscoring that a revival in consumption is crucial for achieving stable economic growth.
According to Yonhap News Agency, Lee made these comments during a meeting with senior aides. He highlighted that consumer sentiment has experienced an uplift, aided by the government's recent cash handouts, as noted by the presidential office. "The impact of the consumption coupons is starting to show, and we must ensure that this does not stop," Lee stated.
Lee further noted that consumer sentiment reached a four-year high in July, with 55.8 percent of small business owners reporting increased sales. To support this trend, the government initiated cash handouts last month, distributing 150,000 won (US$108) alongside additional assistance for individuals in low-income and single-parent families.