[Yoon Seok-yeol Elected] Economic Commanders Kang Seok-hoon, Lee Seok-jun, Choo Kyung-ho Considered... Bank of Korea Governor Kim So-young Mentioned

Gang, Expected to Closely Assist Chief of Staff Cheong
Lee and Chu Among Candidates for Deputy Prime Minister of Economy

Yoon Seok-yeol, the president-elect of the 20th presidential election, held a press conference on the morning of the 10th at the National Assembly Library Auditorium to deliver a congratulatory message to the public. Photo by the National Assembly Press Photographers Group

[Asia Economy Sejong=Reporters Kim Hyewon and Seo Sojeong] Attention is also focused on the appointment of the economic team that will lead the fiscal and monetary policies of Yoon Suk-yeol, the president-elect of the 20th Republic of Korea, known as ‘Y-nomics.’

According to the National Assembly and economic circles on the 10th, the leading candidates for the economic chief of the next Yoon Suk-yeol administration are former Blue House economic chief Kang Seok-hoon, former Office for Government Policy Coordination chief Lee Seok-jun, and People Power Party lawmaker Chu Kyung-ho. Among them, Kang, who oversaw economic pledges in Yoon’s campaign, is widely expected to rejoin the Blue House as policy chief or in a similar role to closely assist President-elect Yoon.

Lee and Chu are candidates for the position of Deputy Prime Minister for Economy. Lee, who played a key role as a mentor when Yoon entered politics, enjoys strong trust, but it is known that his willingness to join the cabinet is less than that of President-elect Yoon. Chu, a former vice minister of the Ministry of Economy and Finance, has a solid standing within the party and, above all, holds the premium of being a current lawmaker.

In a political landscape where the opposition holds the majority, there is a high possibility that a current lawmaker will be appointed to the initial government economic team to expedite the cabinet formation and confirmation hearings. There is also speculation about the reappointment of former Ministry of Economy and Finance officials from the Lee Myung-bak and Park Geun-hye administrations. Former Vice Minister Choi Sang-mok and former Financial Services Commission Chairman Lim Jong-ryong are mentioned as candidates.

For the next governor of the Bank of Korea, who will lead monetary policy, Professor Kim So-young of Seoul National University’s Department of Economics, known as President-elect Yoon’s ‘economic strategist,’ is the top candidate. Professor Kim is recognized for her expertise in macroeconomics and finance and has maintained a critical view of the Moon Jae-in administration’s income-led growth policy. However, since she participated in the campaign and helped draft the new government’s policy blueprint, there is also a possibility that she will take on a different major role rather than the neutral position of monetary policy chief.

Among internal candidates from the Bank of Korea are current Deputy Governor Lee Seung-heon and former Deputy Governor Yoon Myeon-sik. Lee Chang-yong, Director for Asia and the Pacific at the International Monetary Fund (IMF), and Shin Hyun-song, Director of the Bank for International Settlements (BIS) Research Department (Chief Economist) and economic advisor, are also frequently mentioned as potential candidates.

Experts emphasize that since President-elect Yoon’s election and the appointment of the next Bank of Korea governor are closely linked, attention should be paid to changes in monetary policy direction. However, given the recent surge in inflation and the imminent U.S. interest rate hikes, there is strong weight on the possibility that the Bank of Korea will raise the base interest rate again in the second quarter. To have the new governor inaugurated on July 1, the appointment must be made by mid-June at the latest, considering the schedule for confirmation hearings.

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