(MENAFN) South Korean President Lee Jae Myung warned during a G20 leaders' summit session in Johannesburg, South Africa, on Saturday that no nation can ensure its future if global disparities and imbalances are ignored.

Lee highlighted that the world is grappling with intricate economic crises characterized by sluggish growth and structural imbalances.

He stressed 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 president proposed three key measures to confront these challenges: fortifying economic foundations "for continuous growth to venture into the future," boosting growth capacity by establishing "a predictable trade and investment environment," and fostering development in emerging economies.

Lee emphasized that resources should be concentrated on sectors with strong growth potential to generate "a virtuous cycle that generates wealth and lowers debts."

He pointed to Seoul’s commitment to "invest in future growth sectors such as AI" as a way to enhance productivity while managing long-term debt through performance-based fiscal strategies.

He further noted that "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," underscoring the importance of continued support for global economic stability.

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