IMF Managing Director "Korean economy to rebound next year… must continue bold structural reforms"

President Lee meets… discusses growth outlook

President Lee Jae-myung met on the 31st with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) (photo), and exchanged views on structural reform and prospects for the Korean economy.

President Lee, at the Hwa-baek Convention Center in Gyeongju, North Gyeongsang, met with Managing Director Georgieva, who was visiting Korea to attend the Asia-Pacific Economic Cooperation (APEC) summit, and said, "The government is preparing growth engines by implementing an AI transformation and a super-innovative economy through accelerating changes in artificial intelligence (AI) and digital technologies." He also said, "We will manage finances in a performance-oriented manner so that they can play a catalytic role for the economy while considering fiscal sustainability."

Managing Director Georgieva emphasized, "We must continue bold structural reforms as we have until now," adding, "That is how economic dynamism, innovation, and performance will increase." She continued, "I hope you will not hesitate or postpone [them]," and said, "When global economic volatility is high, the strength of the domestic economy is needed."

President Lee said of the Korean economy, "The rapid execution of the supplementary budget and other measures have improved private consumption sentiment and the economy is regaining momentum," and added, "I hope this trend continues next year." Managing Director Georgieva replied, "Next year, we expect Korea to rebound to the level of its potential growth rate."

Gyeongju=Reporter Kim Hyung-gyu khk@hankyung.com