Lee warns of ‘economic wartime’ in budget speech

Apr 03, 2026, 08:57 am

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President Lee Jae-myung leaves the National Assembly after delivering a budget speech on a supplementary budget addressing the Middle East crisis, greeting floor leader Song Eon-seok on April 2.

President Lee Jae-myung on April 2 described the current economic situation as a “wartime crisis for people’s livelihoods” and urged swift approval of a 26.2 trillion won ($20 billion) supplementary budget.

Speaking at the National Assembly, Lee repeatedly stressed the urgency of the situation, using the word “crisis” 28 times during his 15-minute address to highlight the severity of the impact from the Middle East conflict.

“We must not miss the golden time for economic recovery,” Lee said, warning of what he called “the worst energy security threat” and “a massive storm whose duration is uncertain.”

The proposed supplementary budget is aimed at stabilizing the economy and supporting vulnerable groups, while also preparing for prolonged uncertainty.

Lee emphasized that the package would be a “debt-free” budget, noting that no government bonds would be issued. “This budget will serve as a breakwater protecting people’s livelihoods and a foundation for Korea’s next leap forward,” he said.

Of the total, 10.1 trillion won is allocated to measures addressing high energy prices, including direct support payments, fuel and transportation cost reductions, and energy welfare programs.

Around 2.8 trillion won will go toward supporting vulnerable groups, small businesses, and youth, while 2.6 trillion won is earmarked for export support and supply chain stabilization. Another 9.5 trillion won will be directed to local governments to help them cope with the crisis.

The National Assembly is expected to vote on the budget proposal on April 10.

#Lee Jae-myung #supplementary budget #South Korea economy #Middle East crisis