Deputy PM Lee calls for 'one team' approach between government and research institutes

Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il on Friday called for the government and research institutions to work as "one team" to help the Korean economy take a leap forward.

Lee made the remarks at a meeting held at Government Complex Seoul, where he sat down with Lee Han-joo, chairman of the Economic, Humanities and Social Research Council, and the heads of major state-funded research institutes to assess the current state of the Korean economy and discuss future policy directions.

The meeting — the first of its kind since Lee took office — was attended by the heads of eight research institutions, including the Korea Development Institute, the Korea Institute of Public Finance, the Korea Institute for International Economic Policy and the Korea Research Institute for Human Settlements.

Participants agreed that the Korean economy's growth momentum is strengthening, with the country on track to post growth of 3 percent for the first time in five years and increasingly likely to enter an era of per capita national income of $40,000.

At the same time, they noted that households continue to face mounting pressure as prices and interest rates rise amid the prolonged war in the Middle East and monetary policy shifts by major economies.

Structural challenges — including deepening polarization and a declining potential growth rate — were also flagged as persistent concerns. Participants suggested that the policy room secured through stronger growth should be directed toward easing the burden on ordinary people and addressing structural problems.

Lee asked research institutes to actively support the government's three core social policy initiatives — covering housing, jobs and household finance — which related ministries are jointly developing.

He added that, since most government ministries and research institutions are based in Sejong, he hopes to see working groups formed between the Ministry of Economy and Finance and researchers on key issues when formulating major policies such as economic growth strategies, fostering active communication and collaboration at the working level.

Council Chairman Lee Han-joo said the Economic, Humanities and Social Research Council and its member institutions would do their utmost to help the deputy prime minister achieve the goal he set out upon taking office — to build a Ministry of Economy and Finance that finds and delivers the answers the public needs.