Democratic party presidential nominee Lee Jae Myung promised to grow the nation into the fifth largest economy in the world while reaching a gross domestic product per capita of $50,000 and seeing the main increase Kospi hit 5,000 during his presidency. In a press conference held on the 11th January 2022, Lee promised to focus on investing in advance technologies and fostering key sectors to achieve sustainable growth with an emphasis on digital and eco-friendly transitions (Ko, 2022).
Lee concentrates that South Korea should be positioned as a world-class military and economic power with exemplary soft power capabilities that drives innovation and stays at the front in responding to difficult challenges like climate change and providing assistance to economy. His vision highlights greater involvement of the government in driving economic growth, which is in line with what the liberal bloc has argued for in responding to ongoing economic difficulties, which have been especially aggravated by the force of the COVID-19 pandemic. As a response to climate change the presidential nominee envisions having his government lead infrastructural and policy efforts to help South Korea’s economy a undergo a transition highlighted by digital growth and eco-friendly technologies. He promised to create and ‘energy highway’ to foster South Korea’s capabilities in renewable energy and related products (Ko, 2022) .
Lee focused that growing the manufacturing sectors is also important in aiding South Korea to reach $50,000 in GDP per capita, adding it is also in the hands of small and medium size enterprises to be supported with budget-backed funds to fulfill digital and eco-friendly transitions at the same time (Ko, 2022) .
Ko Jun Tae (2022), Lee lays out economic pledges with $50,000 GDP per capita target, The Korea Herald, Published on 12th January 2022.
