President Lee to Meet Nobel Laureate Peter Howitt on the 15th... Seeking Solutions for Innovation-Driven Growth

Awarded Last Year for 'Creative Destruction' Growth Theory
Expected to Discuss Strategies for a Major Leap Forward and Building an Innovation Ecosystem for the Korean Economy
Doctoral Advisor to Chief Secretary for Economic Growth Ha Joonkyung

President Lee Jaemyung will meet with Peter Howitt, Nobel Prize-winning economist and Professor Emeritus at Brown University.

Kang Yoo-jung, Chief Presidential Spokesperson, announced on the 13th that President Lee will receive Professor Howitt at the Blue House on the morning of the 15th.

Professor Howitt is a globally renowned economist who has theoretically established that innovation is the key driver of economic growth. Last year, he received the Nobel Prize in Economics alongside Joel Mokyr, Professor at Northwestern University in the United States, and Philippe Aghion, Professor at Collège de France.

The Nobel Committee recognized their contributions for "explaining innovation-driven economic growth." Among them, Professors Howitt and Aghion jointly received the award for their theory of 'sustained growth through creative destruction.' This theory asserts that new technologies and products replace existing industries and firms, thereby boosting productivity and growth across the entire economy.

Professor Howitt was also the doctoral advisor to Ha Joonkyung, Chief Presidential Secretary for Economic Growth. Secretary Ha is an economist who has emphasized growth strategies centered on innovation, productivity, and technological advancement. During the upcoming meeting, discussions are expected to focus on Korea’s structural economic transformation and long-term growth strategies.

During the meeting, President Lee will seek Professor Howitt’s recommendations on strategies for a major leap forward and innovation-driven growth for the Korean economy. The main topics are expected to include developing a growth model in which the achievements of innovation spread to small and medium-sized enterprises and regional economies, alongside the advancement of key industries such as artificial intelligence (AI), advanced manufacturing, shipbuilding, and semiconductors.

Attendees from the Blue House will include Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol, policy chief Kim Yongbeom, Chief Secretary for Economic Growth Ha Joonkyung, and Chief Social Secretary Moon Jinyoung. With the key economic policy team present, there are likely to be discussions on the Lee Jaemyung administration’s growth strategy.

President Lee has recently reiterated the importance of strengthening industrial competitiveness, technological innovation, and balanced regional growth to revitalize the Korean economy. This meeting is expected to serve as an opportunity to explore ways to foster an innovation ecosystem, enhance productivity, and mitigate the social impacts of technological change in order to overcome the current period of low growth.