President Lee Jae-myung Discusses Economic Recovery Support Payments

On July 3, President Lee Jae-myung addressed questions from reporters during a press conference titled '30 Days of the President: The Media Asks, The People Receive Answers' held at the Blue House. He spoke about the economic recovery support payments included in the supplementary budget, stating, "These payments not only stimulate consumption but also provide income support."

President Lee noted, "While 150,000 won may not be significant for the extremely wealthy, for those struggling to make ends meet, 150,000 to 500,000 won can be a substantial amount. There will also be a redistributive effect." He expressed concern about the current state of the local economy, saying, "The situation is dire, and if things do not improve, the local economy may become irreparable. Considering the current fiscal, debt, and economic conditions, we have made this decision. The impact will likely be greater than generally assessed."

However, he cautioned that whether to implement further support payments in the future would depend on circumstances, stating, "The current fiscal situation is not easy enough to allow for more."

President Lee emphasized the psychological aspect of the economy, mentioning that the number of people believing the economy will improve next year is the highest it has been in eight years. He explained, "When people believe the economy will get better, consumption increases. A little push can initiate a positive cycle. The government must also work to prevent a situation where we have to force these support payments again. For now, there are no plans for additional payments, but things do not always go as planned."