S. Korea's Growth Momentum to Strengthen Amid Chip Boom: Finance Minister

During meetings in Bangkok with senior officials from global credit rating agencies, South Korea's Finance Minister Lee Hyoung-il expressed optimism about the nation's economic growth. He noted that the ongoing semiconductor boom is a significant factor contributing to this positive outlook.

Lee stated that South Korea is projected to achieve growth in the 3 percent range this year, driven by robust chip exports and increased investments in facilities. He emphasized that this growth momentum is expected to strengthen over the medium to long term.

The finance minister also discussed the government's commitment to developing future growth engines through initiatives such as three megaprojects and a green transition. He underscored the importance of addressing economic disparities to ensure sustainable growth, particularly in housing, jobs, and financial services.

Additionally, Lee provided details about the Future Fund, set to launch next year, which aims to utilize tax revenues from the semiconductor supercycle. The credit rating agencies expressed interest in how these funds will be allocated, highlighting South Korea's stable economic indicators despite global challenges.