Lee Says GNI Growth Hits Record High, Fiscal Strength Surges

President Lee Jae-myung said Tuesday that "our community's finances have become much stronger than at the time the government was inaugurated," citing national income data showing gross national income (GNI) rose 9.2% from the previous quarter.

Lee made the remarks on Facebook, noting that "the Bank of Korea released national income statistics today." He emphasized that "real GNI growth, which shows the actual purchasing power of the people, recorded 9.2% quarter-on-quarter in the first quarter," calling it "an all-time high since this statistic began being compiled in 1960." He also said that "on a year-on-year basis, it increased 13.2%, the highest in 37 years since 1988."

He went on to explain that "nominal gross domestic product (GDP) growth in the first quarter was 10.5% quarter-on-quarter, the highest in 50 years since 1976," adding, "On a year-on-year basis, it was 17.1%, the highest in 30 years." He assessed that "thanks to this, the national debt ratio this year is expected to fall significantly to the mid-to-high 40% range, and tax revenue is expected to increase substantially," and that "not only will fiscal soundness become even stronger, but investment capacity for future generations will also grow." He added, "Taking into account the strengthening of the National Pension fund, our community's finances have become much stronger than at the time the government was inaugurated."

Lee said that "growth rates for all quarters since the government's inauguration have also been revised upward," noting that "first-quarter real GDP growth was adjusted from 1.7% (preliminary) to 1.8% quarter-on-quarter, and from 3.6% to 3.8% year-on-year." He stressed, "Only when this achievement is felt in the lives and daily routines of the people can we call it an 'irreplaceable Republic of Korea,'" and added, "I will do my best to ensure that the leap of the Korean economy leads to growth for all citizens."