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Lee declares 'all-out war on recession' with first executive order

Published: 04 Jun. 2025, 21:32

Korean new President Lee Jae-myung speaks during a press conference at the presidential office in Seoul on June 4, 2025. [AP/YONHAP]

President Lee Jae-myung’s first executive order after taking office was to establish an emergency economic response task force — a move seen as a swift step toward realizing his campaign pledge to revive livelihoods and boost the economy.

At a press briefing Wednesday, presidential spokesperson Kang Yu-jung said that President Lee spoke with Deputy Prime Minister and Education Minister Lee Ju-ho and instructed him to convene relevant ministry officials and staff by 7:30 p.m. on Monday evening.

President Lee also ordered a working-level meeting on disaster, public safety and law enforcement issues to be held Thursday morning, involving both central and local government officials.

Observers noted that the president’s first directive reflects his judgment that reviving the economy is the most urgent task. In his inauguration speech earlier in the day at the National Assembly, Lee declared an “all-out war on recession.”

Speaking to reporters afterward, he said, “What we need right now are economic recovery measures that can be implemented immediately, and the most likely scenario is an extra budget.”

“Even tonight, I plan to gather not just the ministers but the working-level officials from all relevant ministries to thoroughly review what emergency recovery policies we can launch right away — including their scope, structure and implementation,” he said.

Korean new President Lee Jae-myung talks during a meeting with party leaders after he took an oath of inauguration at the National Assembly in Seoul on June 4, 2025. [AP/YONHAP]

The task force was a preannounced campaign promise that Lee had pledged would be his first action in office. It is expected to serve as a command center for early economic policy coordination.

Lee Han-joo, head of the Democratic Research Institute, said on radio that the task force would likely be chaired directly by the president and involve public-private collaboration.

Some in the ruling party drew comparisons to former President Moon Jae-in’s first executive action, which was to create a presidential jobs committee — also a public-private body chaired by the president.

Lee’s first day in office was packed with activity. His term officially began at 6:21 a.m., when the National Election Commission confirmed his election in a plenary session. At that moment, all presidential powers, including command of the military, were transferred to him from former acting President Lee Ju-ho.

At around 8:07 a.m., Lee received a report at his home in Gyeyang District, Incheon, from Joint Chiefs of Staff (JCS) Chairman Kim Myung-soo on the transfer of military authority. Lee emphasized maintaining a solid readiness posture based on the Korea-U.S. joint defense alliance and praised the military’s past restraint during crises.

Korean new President Lee Jae-myung, front left, and his wife Kim Hea Kyung greet to the people after attending the presidential inauguration at the National Assembly in Seoul on June 4. [AP/YONHAP]

“It was commendable that service members responded cautiously to unlawful orders during the emergency martial law incident and helped avoid greater chaos,” Lee said.

By 9:30 a.m., Lee left his home to cheers from neighbors. Banners congratulating “President Lee Jae-myung, the pride of our apartment complex” were hung across the neighborhood.

His first official visit was to Seoul National Cemetery in Dongjak District. He arrived at 10:10 a.m., paid his respects and wrote in the guest book, “A society where we live together — a nation where the people are the owners, where the people are happy. I will build it with the people.”

Lee then proceeded to the National Assembly and was sworn in at 11 a.m. In his oath, he pledged to uphold the Constitution, safeguard the nation, work for peaceful reunification and improve the welfare and freedoms of the people.

Following the ceremony, he met with National Assembly janitorial and security staff to thank them for their service. Lee later had lunch at the Sarangjae events space in the National Assembly with Speaker Woo Won-shik and leaders from both ruling and opposition parties.

Kang Yu-jung, the presidential spokesperson, briefs reporters on the day of the new President Lee Jae-myung's inauguration on June 4. [JOINT PRESS CORPS]

At 2 p.m., Lee reported for work at the presidential office in Yongsan and held a press conference to announce his first set of appointments.

At 2:30 p.m., he visited the JCS's Combat Control Center, where he received briefings on military readiness from the acting defense minister and JCS chairman.

“National defense is about safeguarding the physical security of the Republic of Korea,” spokesperson Kang said, quoting Lee. “The military must earn back the public’s trust by fulfilling its duties, and as commander in chief, I will focus on restoring the honor of a military that stands strong in its rightful role.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY YOON JI-WON [[email protected]]