Lee Dong-jin, presidential secretary for growth economy, stressed on the 10th that "the chance to reverse the potential growth rate has come." The International Monetary Fund (IMF) recently raised its forecast for Korea's economic growth rate to 2.6 percent from an initial 1.95 percent in April. On this, Lee assessed it as "a very positive signal that Korea's growth momentum is not a one-off but appears likely to continue somewhat longer."
In a "Fact Mill" interview held at the open studio of the presidential office's Chunchugwan press hall that day, Lee stressed, "(Korea's potential growth rate) was around 5 percent in 2000 and has been steadily falling. It has dropped to below even 2 percent," adding, "Our government has the goal of bending this curve and reversing it." He said, "Looking at the overall trend itself, we now see that the chance for a reversal has come to us."
Regarding the IMF's upward revision of the economic growth forecast, he also said, "People had worried that it might just be a one-year flash and then end, but it seems it will continue somewhat longer, and from that perspective it is a very positive signal." He added, "We must make the IMF forecast wrong."
Lee raised his voice, saying, "When making forecasts, the government's economic policy direction is not included because it has no substance yet," and, "They forecast 2.6 percent without reflecting such factors, but our resolve is that the government will implement policies properly and push it higher than 2.6 percent to make sure the IMF forecast turns out wrong."
On the inflation rate, he elaborated, "From March to June, during the Middle East war, the average inflation rate was 2.8 percent. During that period, the United States was at 3.8 percent and the OECD average was 4.2 percent," adding, "This should not be the end. We will do our best to keep the consumer price inflation rate within 3 percent by whatever means."
Finally, Lee added, "One of our government's core mottos is growth for all," and, "In line with growth for all, how to create ways to give growth opportunities to regions as well as to more economic actors and citizens will be important."
