Source: Korea Policy Portal – Budget Ministry 1-Year Report | Fair Election Ministerial Meeting Press Release
Korea’s 22nd State Council Meeting: Three Policy Highlights on the Government’s First Anniversary
On May 20, 2026, President Lee Jae-myung chaired the 22nd State Council Meeting at Cheongwadae, coinciding with the first anniversary of his administration. Three major policy developments emerged from the day’s agenda.
1. Supplementary Budgets Credited with Economic Recovery
Budget Planning Minister Park Hong-geun reported on the administration’s key fiscal achievements. A first supplementary budget enacted in July 2025 helped Korea’s economic growth rate rebound from 0.3% in the first half of 2025 to 1.7% in the second half. A second supplementary budget of KRW 26.2 trillion, passed in April 2026 in response to the Middle East conflict-driven oil price spike, was credited with cushioning the impact on household finances and energy costs.
2. Zero Tolerance for Deepfake Election Crimes Ahead of June 3 Local Elections
Prime Minister Kim Min-seok chaired the 2nd Fair Election Ministerial Meeting, with the official campaign period for the June 3 nationwide local elections set to begin on May 21. The government announced a zero-tolerance policy for three categories of election crimes: spreading fake news and smear campaigns, vote-buying and hospitality, and public official interference in elections. AI-generated deepfake election content will be prosecuted to the maximum penalty allowed by law. A joint government-private task force, including 600+ dedicated prosecutors and police investigators, will monitor and remove illegal content.
3. APEC Startup Alliance Officially Launched in Seoul
The Ministry of SMEs and Startups officially launched the APEC Startup Alliance (ASTAA) at Startup Venture Campus Seoul (SVC Seoul) on the afternoon of May 20. More than 200 representatives from all 21 APEC member economies attended, along with global venture capital firms and startup founders. ASTAA, which was first announced at last year’s APEC SME Ministerial Meeting via the “Jeju Initiative,” now formally connects approximately 400 institutions across member economies to facilitate startup ecosystem information exchange, joint projects, and investor relations activities.
Source links: Budget Ministry Report | Fair Election Meeting | ASTAA Launch