President Lee Jae-myung noted that the first-quarter national income growth rate hit a record high this year and said on the 9th, "We will do our best to ensure that the leap of the Republic of Korea's economy leads to growth for all people."
Lee said in a post on Facebook that "the real gross national income (GNI) growth rate, which shows people's real purchasing power, came to 9.2% in the first quarter from the previous quarter. It is a record high since this statistic began in 1960," he emphasized.
GNI is the sum of income earned by nationals in return for participating in production activities at home and abroad. It is an important economic indicator for gauging people's actual purchasing power.
Lee also mentioned nominal gross domestic product (GDP), which posted 10.5% growth from the previous quarter in the first quarter, and added, "It is the record high in 50 years since 1976."
He went on to say, "The growth rates for every quarter since the launch of the administration have also been revised upward," adding, "Thanks to this, the government debt ratio this year will fall significantly to the mid-to-high 40% range, and tax revenue is also expected to increase substantially."
Lee added, "Not only will fiscal soundness become even stronger, but the capacity to invest for future generations will also grow," and "taking into account the strengthening of the National Pension Fund, the finances of our community have become much stronger than at the time the administration was launched."