Seoul: President Lee Jae Myung on Thursday called for bold structural reforms across key sectors to revive South Korea's slowing economy amid a steady decline in the country's potential economic growth rate. In a meeting with senior aides, Lee called for carrying out structural reforms in six key areas -- regulations, finance, public services, pensions, education, and labor -- in a bid to boost the potential growth rate.

According to Yonhap News Agency, President Lee emphasized the necessity of these reforms by stating, "Our top priority is to rebound the potential economic growth rate. For this goal, the government should carry out structural reforms decisively." The potential growth rate, which refers to the maximum possible growth rate an economy can achieve without sparking inflation, is estimated by the Bank of Korea to be around 2 percent for this year.

President Lee urged swift action for reform, pointing out that current signs of economic recovery present an opportune moment to advance these changes. "Structural reforms always come with pain and resistance. It is difficult, but we must overcome them," he asserted, highlighting the challenges but also the necessity of implementing these reforms to secure the country's economic future.