Lee Hyung-il: "All-out Efforts for Livelihood Stabilization, Mitigating Polarization... Measures for Sectors with Weak Employment to Be Prepared"

Deputy Prime Minister’s Opening Statement at National Assembly Audit

Lee Hyung-il, Deputy Prime Minister and Minister of Finance and Economy, attends and speaks at the first Emergency Economic Headquarters meeting and Economic Ministers' Meeting held at the Government Complex Seoul in Jongno-gu, Seoul on October 1, 2026. Photo by Jo Yongjun

On October 6, Lee Hyung-il, Deputy Prime Minister and Minister of Finance and Economy, stated that the government will continue to monitor sectors experiencing weak employment, such as manufacturing and construction, and develop sector-specific response measures.

In his opening remarks at the National Assembly Strategy and Finance Committee’s audit of ministries held in the morning of the same day, Deputy Prime Minister Lee stressed that the government will make every effort to stabilize the livelihood economy and mitigate polarization.

Regarding the recent economic situation, he explained, “The economy is growing, supported by the global semiconductor boom. However, challenges remain, including continued high prices due to prolonged high oil prices, ongoing public burden, sectoral polarization, and underlying structural issues such as a decline in potential growth rate. In addition, external uncertainties remain high, such as the war in the Middle East.”

He went on to say that, in order to stably manage prices, which are fundamental to the livelihood economy, “the government will strive to stabilize the prices of essential goods closely linked to people's daily lives, such as petroleum products and food; strictly respond to unfair practices that disrupt price stability; and work to alleviate the cost-of-living burden on vulnerable groups.”

He emphasized, “To establish a residential-focused housing market, we will prioritize the rapid supply of 1.19 million public housing units and support these efforts. We will also proactively restructure the accumulated debt and strengthen targeted financial support for vulnerable borrowers who may face heightened debt burdens during the period of rising interest rates.”

Deputy Prime Minister Lee also stated that he will improve the business environment for corporate investment and enhance the potential growth rate. He noted, “We will make every effort to support the seven major seed projects as next-generation growth engines, establish a new fund to strengthen momentum for strategic exports, and carry out existing hyper-innovation economic projects without disruption while simultaneously identifying new initiatives.”

He explained that, to ensure the service industry—which accounts for a large portion of the economy—can become another pillar of national growth, the government will pursue the enactment of the “Basic Act on Service Industry Development.” In addition, the “Korean Green Transformation Strategy” will be established within this year to enhance green competitiveness by achieving carbon neutrality goals and transitioning the industrial structure toward decarbonization.

Regarding external risks, he said the government will focus on stabilizing the foreign exchange market and minimize uncertainty by actively monitoring trade issues such as U.S. tariffs and the CPTPP.

He also mentioned plans to reform the tax, fiscal, and public sectors, including restructuring the tax system to achieve fair taxation, shifting the paradigm of state asset management toward value creation, and strategically reallocating the functions of public institutions.

He further stressed that, as the deputy prime ministerial office responsible for coordinating and overseeing economic policy, the Ministry of Finance and Economy will continue to strengthen communication and cooperation among relevant ministries through Economic Ministers’ Meetings and economic policy consultations, thereby improving the speed and effectiveness of policy implementation.

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