President Lee Jae Myung said Tuesday that although South Korea’s overall economic indicators appear stable, an overwhelming majority of people are struggling, attributing the hardship to deepening inequality.

Speaking at a “Digital Talk Live” town hall in Seoul’s Dongdaemun district, Lee said most citizens don’t feel improvement even when the economy grows, citing that gross domestic product turned around from negative growth in the first quarter to zero-point-91 percent expansion in the third, but daily life still feels tough.

He emphasized that when making a living becomes difficult, people feel exhausted and relatively deprived, adding that politics should minimize such gaps and help people live with hope.

Addressing the growing burden of household and small business debt, Lee said, “We should approach financial issues more reform-mindedly, as many advanced countries swiftly write off unpayable debts to allow new growth, while in Korea, debt follows people until they die.”

He pointed out that South Korea’s self-employment rate remains high, with many earning less than minimum wage, and called for practical solutions to strengthen small business support.

The town hall, attended by around 110 citizens, focused on revitalizing local markets and consumption coupon policies, covering topics such as expanded financial aid for small merchants, cost-of-living relief, and regional currency programs.