president-economic growth

▲ This file photo shows President Lee Jae Myung. (Yonhap)

SEOUL, Oct. 20 (Yonhap) -- President Lee Jae Myung on Tuesday welcomed a rise in the country's potential growth rates as "a dramatic rebound" in the national economy's "basic physical strength."

Lee wrote the message on his X account, referring to a recent upward revision of the country's potential growth rate projections by the International Monetary Fund (IMF) to 2.14 percent this year and 2.2 percent in 2027.

The figures mark the first consecutive annual increases in about 40 years.

The president "welcomed" the projections, describing them as marking the first back-to-back increases since the late 1980s, when the country benefited from low oil prices, low interest rates and a strong won against the U.S. dollar.

"It marks a dramatic rebound in the South Korean economy's basic physical strength," he said, describing the trend as "a very positive sign."

Based on the improvements, South Korea will have to focus on sustaining growth and ensuring that its benefits are shared fairly by all, he noted.

(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]