South Korea’s Lee pledges ‘bold’ economic policy after martial law crisis

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South Korean President Lee Jae-myung said it was his top priority to improve the lives of the people.

PHOTO: AFP

SEOUL - South Korean President Lee Jae Myung vowed on July 3 to implement a “bold” fiscal policy to boost a flagging economy after the country’s martial law crisis and to tackle challenges posed by looming US tariffs and North Korea.

Mr Lee, who was

elected on June 3 in a snap election

“It is a time when the proactive and bold role of national finance is more important than ever,” Mr Lee, who has pledged to implement expansionary fiscal policy, said in his opening remarks at a news conference to mark 30 days in office.

Mr Lee’s predecessor, Yoon Suk Yeol,

declared martial law in December 2024

Mr Lee’s administration has proposed US$14.7 billion (S$18.7 billion) of extra government spending to support sluggish domestic demand. Parliament, controlled by his Democratic Party, is expected to vote on the budget Bill soon.

The president also said in his opening remarks that he was doing his best to achieve a “mutually beneficial and sustainable” outcome from trade negotiations with the United States.

South Korea is hoping to contain the impact of US President