Seoul: President Lee Jae Myung stated on Wednesday that the current economic climate necessitates prioritizing the expansion of the economic pie over welfare development. He underscored that while the dual pursuit of economic growth and welfare is ideal, it is not feasible at present.

According to Yonhap News Agency, President Lee conveyed his thoughts through a message on his X account, where he shared a media column critiquing the government's budget bill for the upcoming year, highlighting its relatively minimal allocation for "distribution." Lee emphasized that sacrificing economic growth in favor of welfare expansion is not a viable strategy. "Now is inevitably the time to focus on growth to expand the pie," he remarked, stressing the importance of economic growth to prevent polarization and potential welfare decline.

Despite the focus on growth, President Lee assured that the government has not neglected welfare concerns. He noted that the administration is committed to enhancing welfare policies but acknowledged that such improvements would require time.

In response to the economic conditions, the government unveiled a substantial budget proposal of 820.9 trillion-won (US$599 billion) for the next fiscal year, marking an increase of over 10 percent from the current year. This budget increase is fueled by anticipated growth in tax revenues, particularly from a booming semiconductor industry.

During a Cabinet meeting, President Lee highlighted that one of the key objectives for next year's budget is to strengthen South Korea's global industrial competitiveness, aligning with the broader economic strategy to ensure sustained growth.