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Economic advisory council calls for ‘real’ growth and inclusion

Published: 10 Apr. 2026, 00:00

President Lee Jae Myung, left, listens to remarks by Kim Sung-sik, vice chair of the National Economic Advisory Council, during the council’s first plenary session at the Blue House on April 9. [JOINT PRESS CORPS]

The National Economic Advisory Council is established under Article 93 of the Constitution as a body that advises the president on major economic policies. Its influence depends largely on the president’s commitment, but under past administrations, it has often been limited to formal meetings.

At the first council session under President Lee Jae Myung, held on Thursday, after the appointment of former lawmaker Kim Sung-sik as vice chair at ministerial rank, a wide range of proposals emerged, including critical views that diverged from current policy directions.

Kim framed the discussion around what he called “growth worthy of the name and inclusion worthy of the name.” He argued that Korea must move beyond short-term stimulus measures and pursue productivity gains, investment in human capital and bold reform of outdated systems to achieve sustainable growth.

On inclusion, he emphasized that policy should not disproportionately favor groups with strong organization or louder voices, but instead focus on those who are less heard or unable to speak for themselves, as well as younger generations facing shrinking job opportunities. His remarks suggested that repeated cash support in the name of helping vulnerable groups is not, by itself, an adequate solution.

Kim also called for a shift in compensation systems, arguing that worker pay should move away from seniority-based structures toward models centered on productivity and individual capability, in line with the demands of the artificial intelligence era. This has been a longstanding issue that has seen little progress due to opposition from labor groups.

Other policy recommendations also drew attention. Park Won-ju, head of the strategic economic cooperation division and a former senior economic aide to the president under the Moon Jae-in administration, evaluated the government’s price cap policy introduced to mitigate the impact of rising oil prices. While acknowledging that it contributed to early market stabilization, he suggested that the measure should now be gradually phased out as the crisis appears likely to persist.

Ryu Geun-kwan, an emeritus professor of economics at Seoul National University, warned that the impact of AI will be felt first and most strongly among young people. He proposed expanding advanced vocational training nationwide, linking education directly to employment and sharing the costs of that transition across society.

The council’s role should go beyond symbolic consultation and serve as a meaningful channel for policy guidance. For that to happen, the government must listen carefully to the kinds of candid criticism and proposals raised at the latest meeting.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.