'Reunited Warriors of Comeback'... Eyes on Yoon Administration's First-Term Economic Team

Choo Kyung-ho, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance

[Asia Economy Sejong=Reporter Kim Hyewon] The first economic team of the Yoon Seok-yeol administration, led by Deputy Prime Minister for Economy and Minister of Strategy and Finance Choo Kyung-ho, officially launched on the 11th.

In particular, the 'trio' of the economic commander and the heads of monetary and financial policy previously worked together at the Financial Services Commission during the Lee Myung-bak administration, raising expectations for a unified economic team higher than ever. At the Blue House, Choo’s direct junior, Chief Secretary for Economic Affairs Choi Sang-mok, serves as a bridge between the ruling party, government, and the Blue House.

On the 11th, Deputy Prime Minister Choo made his official debut by attending the ruling party-government consultation held at the National Assembly as the government’s representative. On this day, the ruling party and government held their first meeting since the Yoon administration began and discussed details for the preparation of the second supplementary budget (추경). This supplementary budget is the first project of the first economic team. In his opening remarks, Deputy Prime Minister Choo explained, "This supplementary budget is organized around three directions: full compensation for losses, reinforcement of quarantine needs, and stabilization of people’s livelihoods and prices."

Deputy Prime Minister Choo’s unofficial schedule began a day before his inauguration. He did not attend President Yoon Seok-yeol’s inauguration dinner the previous day but held a 'lunchbox meeting' with senior officials of the Ministry of Strategy and Finance to review pressing issues. At this meeting, he ordered the establishment of an 'Emergency Economic Response Task Force (TF)' within the Ministry of Strategy and Finance and decided to preside over its first meeting that afternoon. Deputy Prime Minister Choo’s inauguration ceremony will be held at 2 p.m. at the Government Complex Sejong on the same day.

Lee Chang-yong, the new Governor of the Bank of Korea, is meeting with reporters at the Bank of Korea briefing room on Sejong-daero, Jung-gu, Seoul, on the 25th. / Photo by Joint Press Corps

The clock started ticking earlier for Lee Chang-yong, Governor of the Bank of Korea, who will work closely with Deputy Prime Minister Choo in the new administration. Governor Lee, who took office on the 21st of last month, will preside over his first meeting of the Bank of Korea’s Monetary Policy Committee on the 26th.

Moreover, if Kim Ju-hyun, Chairman of the Credit Finance Association, who was revealed as the nominee during the appointment process, finally joins as the Financial Services Commission Chairman, three economic officials from the Ministry of Strategy and Finance who were active at the Financial Services Commission during the Lee Myung-bak administration will work together in the new government. It will be the first time in about nine years since the Park Geun-hye administration that the top three economic positions are dominated by Ministry of Strategy and Finance alumni.

The trio’s connection dates back to 2008-2009 when Governor Lee was the Vice Chairman of the Financial Services Commission. During this period, Chairman Kim served as the Director General of the Financial Policy Bureau, a key position at the Financial Services Commission, assisting Governor Lee. Deputy Prime Minister Choo later succeeded this position. It is said that Governor Lee, despite being younger, respectfully treated Kim, who was an older senior from Seoul National University, to avoid any awkwardness.

Deputy Prime Minister Choo and Chairman Kim are classmates from the 25th Administrative Examination and longtime colleagues. Chairman Kim is two years older. Both are regarded as rational and gentle leaders within the Ministry of Strategy and Finance. Chief Secretary Choi, from the 29th Administrative Examination, is a Seoul National University Law School graduate who followed an elite bureaucratic path in the Ministry of Strategy and Finance and is a direct junior to both Deputy Prime Minister Choo and Chairman Kim. His role as the inaugural Chief Secretary for Economic Affairs in the Yoon administration is also significant.

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