Lee Hyung-il, the Deputy Prime Minister and Minister of Finance and Economy, chaired his first major executive meeting on September 22, shortly after his appointment, urging officials not to become complacent with current indicators and to enhance their macroeconomic analysis and forecasting capabilities.
During the meeting, Lee reviewed the economic situation and key issues. He expressed gratitude to former Deputy Prime Minister Koo Yun-cheol and the staff for their efforts in leading the economic team.
Lee noted that while the South Korean economy continues to show signs of improvement, uncertainties remain high due to factors such as the semiconductor market, changes in global capital flows, and geopolitical risks. He emphasized the need to elevate macroeconomic analysis and forecasting capabilities.
He also stated that risks across the real economy, real estate, finance, and foreign exchange markets should be reassessed from the ground up. Lee stressed the importance of proactively addressing risks and ensuring that ongoing issues, such as U.S. investment projects, are managed without disruption.
Previously, during his confirmation hearing, Lee had stated that maintaining price stability is fundamental to ensuring the well-being of citizens. He reiterated this view, asserting that the Ministry of Finance and Economy must actively engage as the control tower of the economic team to address the critical issue of reducing polarization in society.
Lee urged officials to utilize the policy capacity gained from economic recovery to ensure that the benefits of growth are distributed across regions, social classes, and industries, leading to tangible results that citizens can feel.
Regarding organizational operations, Lee called for collaboration to ensure that the Ministry's core functions—taxation, treasury management, international finance, and public policy—are effectively integrated with the Deputy Prime Minister's overarching economic policy coordination role.
* This article has been translated by AI.
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