Finance Minister Vows Efforts to Tame Inflation, Boost Growth

On October 6, 2026, South Korea's Finance Minister Lee Hyoung-il addressed the National Assembly, emphasizing the government's commitment to controlling inflation and stimulating economic growth. This marks his first parliamentary audit since taking office last month.

Lee highlighted the importance of maintaining consumer price stability, particularly for essential goods like food and fuel. He stated, "We will maintain consumer price stability, which is the foundation of people's livelihoods," underlining the government's focus on easing the cost-of-living burden.

The minister also mentioned plans to implement major government-led initiatives, including three significant megaprojects aimed at bolstering the semiconductor and artificial intelligence sectors. These projects are expected to enhance the business environment and strengthen South Korea's economic potential.

In addition to inflation control, Lee outlined other key policy goals, such as increasing public housing supply and providing financial services for low-income households. He reiterated the government's commitment to addressing economic disparities and improving the overall quality of life for citizens.

Lee concluded by acknowledging global uncertainties, including geopolitical tensions and monetary policies from major economies, asserting that South Korea will navigate these challenges while pursuing its economic roadmap.