Lee Jae-myung vows to form immediate economic task force if elected

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, answers questions from reporters during a press conference at the party's headquarters in Yeouido, Seoul, Sunday. Yonhap

Presidential candidate Lee Jae-myung said he would immediately establish an emergency task force led by the president to address the nation’s economic challenges if elected.

His pledge underscores escalating public anxiety over Korea's economic outlook, particularly as the nation grapples with inflation, a looming demographic crisis and geopolitical uncertainties that threaten its export-driven growth model.

“If I earn the people’s mandate, the first thing I will do is form an emergency economic response task force under the president’s direct command,” Lee said, speaking at a press briefing at the Democratic Party of Korea's (DPK) headquarters in Seoul on Sunday.

Lee stressed that the incoming administration, set to take office on June 4, must take the helm of a nation facing a crisis akin to a sinking ship.

“Only a prepared candidate and political party can navigate the treacherous waves ahead,” he said, adding that he would swiftly implement feasible economic measures to fight the domestic recession head-on.

Lee called for bold government action to revive small businesses and restart economic growth amid growing external risks.

“With global trade headwinds and shifting security dynamics threatening the livelihoods of our people, the government must take the lead in promoting effective economic stimulus,” he said.

Lee criticized President Yoon Suk Yeol’s administration for deepening divisions within Korean society.

“Over the past three years, the president has fueled polarization and entrenched hostility, leaving behind wounds that cannot be easily healed,” he said. “We must end this era of adversarial politics and restore a culture of coexistence and dialogue. That is the path to democratic recovery.”

Lee also vowed to avoid political retaliation, saying, “I know better than anyone the damage inflicted by abuse of power and retaliatory politics. While those who have threatened our constitutional order and national security must be held accountable, there will be no targeted political revenge.”

He pledged to end the cycle of conflict and said he would govern based on merit rather than ideology.

“If it helps revive the economy and benefits the people, I will act regardless of ideology or political camp,” he said. “The sole criterion for appointments in a Lee Jae-myung administration will be competence.”

Lee proposed enhancing public involvement in governance through a digital platform and a national recommendation system for key government appointments. He also pledged to create issue-specific public forums to facilitate consensus on contentious social issues.

To strengthen democratic checks and balances, Lee said he would seek reforms including greater National Assembly oversight of emergency powers, limits on presidential vetoes, parliamentary nomination of the prime minister, and requiring legislative consent for appointments to the prosecution, police and communications regulators.

Lee concluded by urging voter participation in early voting, scheduled for May 29–30.

“You must vote in order for the people to win on June 3. Voting is how we protect our precious lives and the future of our children,” he said.

“Politics may appear to be done by politicians, but in the end, it is done by the people. If you want a country full of change and hope, you must vote.”