South Korean President Lee Jae Myung has highlighted the link between prolonged economic stagnation and social unrest in Europe, urging South Korea to take heed of the protests occurring across the continent. Speaking at a cabinet meeting on Tuesday, Lee warned that low economic growth has led to increased youth unemployment, economic inequality, and weakened public finances, undermining social stability.
Protests in several European countries, including France, Belgium, Spain, Portugal, and Albania, have been fueled by concerns over rising living costs, housing shortages, strained public services, and corruption. Young people have been particularly active in these demonstrations, reflecting widespread frustration.
President Lee emphasized that South Korea faces similar challenges despite some positive economic indicators. He noted that the benefits of the country’s economic recovery have not been evenly distributed among ordinary households, as disparities in income, wealth, and employment opportunities persist. Lee stressed that young people are struggling with a lack of opportunities and underscored the importance of sustainable economic growth to address these issues.
According to the Bank of Korea, South Korea’s economy grew by 1.0 percent in the third quarter compared to the previous quarter, driven by strong semiconductor exports and increased investment in manufacturing equipment. However, Lee called for increased investment in advanced industries, strengthened domestic demand, and policies that would ensure households benefit more directly from the economic recovery.
Lee also mentioned that stronger economic growth could improve public finances and help stabilize South Korea’s debt-to-GDP ratio. He urged officials to carefully study international experiences while cautioning against drawing conclusions based on selective interpretations of events.