President Lee Jae-myung on Wednesday pledged to pursue multifaceted measures to stabilize people's livelihoods amid worsening economic conditions driven by the Middle East war, vowing to "root out every last thorn under the fingernails of people's livelihoods — including corrupt collusion, price-fixing, and foul play that harm others for personal gain."
Speaking at a Cabinet meeting held jointly with an emergency economic review session at the former presidential office Cheong Wa Dae, Lee said, "It is the state's responsibility to substantively improve the lives of our people." He emphasized that "normalizing the layers of abnormalities built up in everyday life begins with stabilizing livelihoods." He added, "We must raise social trust and lay the foundation for national unity and stable growth." As examples, Lee cited issues he had previously raised, including price gouging on school uniforms, the clearing of illegal facilities in mountain valleys, cartels at highway rest stops, and collusion in the real estate market.
"As the Middle East war enters its 11th week, some prices — particularly petroleum products — are showing signs of instability," Lee said. "Citizens are experiencing inconvenience from the two-day rotation system for public institutions and the voluntary five-day rotation for private institutions." Still, he said, "Thanks to the people rallying together behind the government's efforts to overcome the crisis, our economy remains resilient despite external pressures," adding that "exports are posting explosive growth and capital markets are also showing historic expansion." He continued, "There is no end in sight to the war, and the post-war crisis is also expected to persist. The government will cushion the shock to the national economy while preemptively responding to the post-war restructuring of the industrial and economic order, and will also pursue livelihood stabilization measures from multiple angles."
