South Korea's President Yoon Suk-yeol speaks during an inaugural dinner at a hotel in Seoul on May 10, 2022. (JEON HEON-KYUN / POOL / AFP)

SEOUL - South Korea President Yoon Suk-yeol on Tuesday said the government will aggressively cut expenditure and sell assets at public enterprises to better allocate public spending for growing welfare demand.

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Speaking at a policy meeting, Yoon said he will preside over a meeting on the economy every week to address "pressing" issues including reform of public enterprises, soaring consumer inflation at a 24-year high and rising energy costs.