President Lee: "No Sustainable Development Without Price Stability"... Signals Acceleration in Second Year

President Lee Presides Over Cabinet Meeting
Swift Implementation of Grocery Price Stabilization Measures Ordered;
Strict Crackdown on Market Disruption Instructed
Ahead of First Anniversary, Vows: "I Will Work the Remaining Four Years as if

On June 2, President Lee Jae-myung addressed the growing burden of rising prices due to the protracted Middle East war, stating, "Without price stability, there can be no economic growth, no improvement in polarization, and no sustainable development." He instructed the government to swiftly implement practical measures to stabilize grocery prices, including supplying government reserves, strengthening discount support, and expanding quota tariffs. With the first anniversary of his inauguration approaching on June 4, he also stated, "From the second year of my term, we must bring about even greater tangible changes to the lives of our citizens," pledging to work over the next four years as if it were eight.

President Lee Jae-myung is speaking at the Cabinet meeting combined with the Emergency Economic Inspection Meeting held at the Blue House on June 2, 2026. Photo by Yonhap News Agency

Presiding over the 24th Cabinet Meeting and the 11th Emergency Economic Inspection Meeting at the Blue House that day, President Lee emphasized, "The protracted Middle East war is increasing the price burden on the people." He continued, "Although the implementation of the oil price cap and preemptive price management have significantly curbed price increases, the burden remains considerable." In May, the consumer price inflation rate stood at 3.1%, surpassing the 2% range.

President Lee expressed particular concern about the price shock faced by vulnerable groups. He said, "If price increases persist, the impact will be relatively greater on the vulnerable," adding, "If rising prices reduce the real income of the vulnerable, polarization will widen and economic vitality will inevitably decline."

He again instructed all ministries to quickly implement measures to stabilize grocery prices and to strictly punish market-disrupting practices such as hoarding and collusion. Citing measures such as the preemptive supply of government reserves, strengthening discount support, and expanding quota tariffs, President Lee stated, "Market-disrupting acts like hoarding and collusion must be investigated thoroughly and held strictly accountable, to the point that companies believe a single violation could bring them down." He urged, "Approach price management with the resolve that it is the core prerequisite for stabilizing people's livelihoods, and devote your utmost efforts."

For his second year in office, President Lee outlined a direction focused on expanding the scope and accelerating the pace of achievements. He evaluated, "Although my term began amid the political and social upheaval caused by insurrection, confusion in the people's economy, and dramatic changes in the international order, we have overcome such crises well." He emphasized, "From the second year onward, we must further amplify the real changes to people's lives on the basis of past policy achievements, accelerate the pace, and broaden the scope."

Regarding economic policy, he pledged to focus on spreading the benefits of export success to the public. President Lee said, "We must concentrate on ensuring that the positive outcomes of exports and other key indicators are extended to small and medium-sized enterprises, small business owners, ordinary citizens, and vulnerable groups."

He also announced plans to accelerate national policy tasks such as fostering advanced industries and balanced regional development. President Lee said, "We must build robust physical and institutional foundations to accelerate artificial intelligence (AI) and energy transition, and intensify efforts to foster not only semiconductors but also other cutting-edge industries like robotics and defense, so we can open the door wide to becoming a global economic powerhouse with an overwhelming advantage." He added, "We will rapidly push forward a transformation in regional balance and national territory, which is Korea's survival strategy, and prepare effective alternatives to ease polarization, advancing toward inclusive growth for all."

In the field of foreign affairs and national security, he underscored the need for a responsible role and again promised to work the next four years as if it were eight. President Lee stated, "We must further strengthen our position as a global diplomatic and security powerhouse that shoulders responsible roles in the international community." He continued, "If we double the speed and devote ourselves wholeheartedly, the remaining four years may have the value of eight. We will bring about changes in people's lives and in Korea itself."

President Lee Jae-myung is speaking at the Cabinet Meeting and Emergency Economic Inspection Meeting held at the Blue House on June 2, 2026. Photo by Yonhap News.

Regarding the explosion at the Hanwha Aerospace plant in Daejeon that occurred the previous day, President Lee called for stronger industrial safety measures. He said, "Workplaces that are meant to secure our livelihood sometimes become places of death," expressing his concern that "there are times when I question whether our society truly respects human life enough." He instructed the relevant authorities to "thoroughly investigate the cause of the accident and spare no effort in establishing measures to prevent recurrence," and to "promptly conduct safety inspections at other similar workplaces."

President Lee also ordered a separate inspection of repeated accidents at the same worksites. He said, "It is a serious problem when the same type of accident repeatedly occurs at the same workplace," and instructed the Vice Minister of Employment and Labor to "identify and report separately those workplaces where the same type of accident recurs persistently."

President Lee Jae-myung is speaking at the Cabinet Meeting and Emergency Economic Inspection Meeting held at the Blue House on June 2, 2026. Photo by Yonhap News Agency

Meanwhile, regarding accidents and human rights issues that occurred during reserve forces training and the training of military personnel, President Lee ordered a thorough investigation. He said, "As Commander-in-Chief of the Armed Forces, I offer my deepest condolences to those who have unfairly suffered," and called on the military authorities to "thoroughly and swiftly investigate the series of incidents and accidents, and transparently disclose the facts to the public. If there is responsibility, it must be strictly pursued."

He added, "The principle that the lives and safety of the people come first should, of course, apply to the military as well. Please closely inspect the field to ensure that the outdated perception that human rights can be neglected no longer remains within the military."

This content was produced with the assistance of AI translation services.