South Korean President Lee Jae Myung has highlighted the impact of prolonged economic stagnation on social unrest across Europe, urging South Korea to draw lessons from the ongoing protests on the continent. During a cabinet meeting on Tuesday, Lee emphasized that low economic growth has led to increased youth unemployment, greater economic inequality, and weakened public finances, posing a threat to social stability.
Protests in European countries such as France, Belgium, Spain, Portugal, and Albania have been fueled by issues like rising living costs, housing shortages, strained public services, and corruption, with young people playing a significant role in these demonstrations. Lee pointed out that South Korea faces its own challenges despite recent positive economic indicators. He noted that the benefits of economic recovery have not been broadly felt by ordinary households, with disparities in income, wealth, and job opportunities persisting.
Lee stressed that sustainable economic growth is crucial to address these concerns, especially for young people struggling with limited opportunities. According to the Bank of Korea, South Korea’s economy grew by 1.0 percent in the third quarter compared to the previous quarter, bolstered by strong semiconductor exports and increased investment in manufacturing equipment.
To foster stronger growth, Lee called for enhanced investment in advanced industries, initiatives to boost domestic demand, and policies that ensure households benefit more directly from economic recovery. He also noted that improved growth could enhance public finances and help stabilize the country’s debt-to-GDP ratio.
The president urged officials to carefully study international experiences, warning against drawing conclusions based on selective interpretations of events. Lee’s comments underscore the importance of learning from global economic trends to address domestic challenges effectively.