Gyeongju: President Lee Jae Myung met with Kristalina Georgieva, managing director of the International Monetary Fund (IMF), to discuss South Korea's economic outlook, according to the presidential office. The meeting occurred during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, where Lee aimed to leverage the multilateral forum to boost economic cooperation and attract investment to the nation.
According to Yonhap News Agency, President Lee highlighted the rapid recovery of the Korean economy, attributing this to decreased political uncertainty since his inauguration in June. He noted that the KOSPI index has reached record highs, reflecting improved investor confidence. Lee emphasized that the economy is gaining momentum with the enhancement of private consumption sentiment, driven by the implementation of a supplementary budget, and expressed hope for this positive trend to continue into the following year.
Georgieva acknowledged the recovery signs in South Korea's consumption and exports. She expressed optimism that the economy would return to its potential growth level in the coming year.
Lee also discussed his government's strategies for addressing geopolitical risks, such as slowing global trade and declining semiconductor demand, alongside structural challenges, including an aging population and diminished potential growth. He detailed plans to accelerate the country's artificial intelligence transformation to develop new economic growth drivers and to modernize financial and foreign exchange markets to attract foreign investment.