S. Korean president warns G20: Inequality threatens global future

No country can guarantee its future if global disparities and imbalances are left unchecked, South Korean President Lee Jae Myung told a session of the G20 leaders' summit in Johannesburg, South Africa, on Saturday.

The world today is facing complex economic crises marked by low growth and imbalances, Lee said, emphasizing that "if the current disparities and imbalances" are left to intensify, "none of us, nor would any of our neighbors, be able to guarantee their futures in order to close the gap, address inequalities and open the doors of opportunity so we can all walk towards a prosperous future."

The South Korean president outlined three solutions: strengthening economic fundamentals "for continuous growth to venture into the future," enhancing growth potential by creating "a predictable trade and investment environment," and, lastly, driving the growth of developing countries.

Resources must be directed to sectors with high growth potential to create "a virtuous cycle that generates wealth and lowers debts," he said, stressing Seoul's efforts to "invest in future growth sectors such as AI" to boost productivity and reduce long-term debt through a performance-based fiscal policy.

"Developing countries, however, are weighed down by excessive debt, which limits their capability to invest in growth. Ultimately, we keep the potential for sustainable growth. In order to address these problems faced by developing nations, we must not halt our efforts to strengthen debt sustainability," Lee said.

Seoul will actively take part in various G20 efforts, continue to participate in the efforts to reform multilateral development banks and work closely with G20 members to ensure more benefits are distributed to developing countries, he said.

"We must unite together to move toward a sustainable future," he said, adding that South Korea will perform utmost efforts "to minimize number of countries that are left behind."