Key facts
- President Lee Jae Myung emphasized prioritizing economic growth over welfare expansion for the 2027 budget.
- He argued that pursuing both growth and welfare simultaneously is unrealistic.
- Lee warned that a failure to achieve sustained growth could worsen economic polarization.
- The government proposed a record 820.9 trillion-won budget for 2027.
- A key goal of the budget is to enhance global industrial competitiveness.
President Lee Jae Myung stated that it is currently unrealistic to pursue both economic growth and welfare expansion simultaneously, emphasizing the need to prioritize expanding the economic pie. In a message posted on his X account, Lee argued that "giving up growth while expanding welfare should never happen" and that focusing on growth is "inevitably the time to focus on growth to expand the pie."
Lee also cautioned that a failure to achieve sustained growth could lead to worsening economic polarization and a decline in welfare. He added that the government has not cut back on welfare and is paying attention to improving welfare policies, though more time would be needed for further measures.