President Moon to Continue Partnership with Deputy Prime Minister Hong Next Year...Set to Become Longest-Serving Finance Minister

At a private briefing, "I hope you do well again next year"... Hong Nam-ki to become the longest-serving Minister of Economy and Finance after March next year

[Asia Economy Reporters Ryu Jeong-min and Jang Se-hee] President Moon Jae-in will continue to accompany Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki (photo) next year. If Deputy Prime Minister Hong serves until the end of March next year, he is expected to be recorded as the longest-serving Minister of Economy and Finance in history.

On the 8th, President Moon received a confidential briefing on next year's economic policy direction from Deputy Prime Minister Hong at the Blue House and encouraged him by saying, "I hope you will do well again next year." In particular, President Moon highly praised, "The economic team has managed the economy very well this year despite the difficult situation caused by COVID-19."

President Moon believes that Korea's strong performance amid the global economic crisis caused by the novel coronavirus infection (COVID-19) is largely due to the efforts of the "Hong Nam-ki economic team." Furthermore, he holds the position that Deputy Prime Minister Hong should continue to lead the economic command to secure momentum for national tasks such as the Korean New Deal.

[Image source=Yonhap News]

President Moon evaluated, "This year, the Korean economy is expected to have the highest gross domestic product (GDP) growth rate among OECD countries, and exports are also rebounding." He emphasized, "Despite the uncertainties of COVID-19, I hope that next year the Korean economy will break away from negative growth and rebound rapidly with all-out efforts."

Previously, Deputy Prime Minister Hong had voiced opinions different from the ruling party leadership on policy issues such as the emergency disaster relief payments, which created tensions between the party and the government. Some within the ruling party argued that Deputy Prime Minister Hong should be dismissed, and there was keen interest in whether he would be replaced whenever cabinet reshuffles were considered.

However, President Moon expressed renewed confidence in Deputy Prime Minister Hong, calming internal controversies within the ruling party, and on the 8th, he sent a message saying, "I hope you will do well until next year," effectively putting an end to the controversy over his position.

Deputy Prime Minister Hong took office on December 11, 2018, and as of the 9th, he has completed 730 days in office. If he surpasses 842 days by March 31 next year, he will become the longest-serving Minister of Economy and Finance in history, surpassing former Deputy Prime Minister Yoon Jeung-hyun.

This content was produced with the assistance of AI translation services.