[Analysis of Yoon Government Economic Team] "Ministry of Economy and Finance's Solo Run"... Other Ministries Say "Already the Dominant Ministry" and Seek to Check It

Prime Minister, Presidential Chief of Staff, Deputy Prime Minister... 'Ministry of Economy and Finance Alumni' Massively Appointed to Key Positions in Yoon Administration

[Asia Economy Sejong=Reporters Son Seon-hee and Lee Jun-hyung] Since the launch of the Yoon Seok-yeol administration, the Ministry of Economy and Finance (MOEF) has undoubtedly been the ministry where the atmosphere within the government offices has most dramatically shifted. This is thanks to the appointment of MOEF-affiliated figures to key positions in the new government, including Prime Minister Han Duck-soo, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, and Presidential Chief of Staff Kim Dae-gi. Moreover, immediately after the regime change, MOEF officials swept the heads of external agencies such as the Statistics Korea, Korea Customs Service, and Public Procurement Service, and also advanced to vice minister positions in other ministries like the Ministry of Health and Welfare and the Ministry of Culture, Sports and Tourism. Considering that during the previous Moon Jae-in administration, promotions for grade 1 and above officials were delayed due to a bottleneck, causing internal dissatisfaction to peak, and that Lee Jae-myung, a member of the Democratic Party of Korea, even mentioned 'dismantling' the MOEF during the presidential election, the situation has truly swung from one extreme to the other.

However, the external perspective on this is quite different. With the MOEF already regarded as the 'ministry above ministries,' excessive concentration of power in the MOEF has led to calls for checks and balances. A non-MOEF ministry official at the director level expressed concern, saying, "It was already a powerful ministry, but its influence has grown too much under this government," adding, "The MOEF’s prestige is so great that nowadays, even meeting a MOEF administrative officer has become like 'plucking a star from the sky.'"

A humorous anecdote that reflects the current status of the MOEF is the nickname for the government complex under construction in Eojin-dong, Sejong City: the 'Gap Tower.' The government complex, scheduled for occupancy as early as next year, is expected to house the Presidential Sejong Office, the Prime Minister’s Office, and the MOEF. The nickname implies that the power ministries are gathered in one place, and it succinctly expresses dissatisfaction with the MOEF acting like a 'gap' (the top or dominant party) during policy coordination as the senior economic ministry.

Recently, as the MOEF has taken on the role of control tower for major policies and frequently made various demands to other ministries, some perceive a decline in its previous level of expertise. An official at the director level in an economic ministry pointed out, "There are many inter-ministerial discussions due to supply chain issues, but instead of proposing ideas, it seems they only want to place orders. The previous competence and expertise that overwhelmed other ministries are no longer felt."

The MOEF does not remain merely the 'gap' to other ministry officials and affiliated public enterprises. It also effectively plays the role of 'gap' across the private sector and financial industry. Recently, major domestic conglomerates such as Samsung Electronics, SK Group, Hyundai Motor Group, and LG Group have announced investment packages exceeding 1,000 trillion won. Analysts interpret this as a response to the Yoon administration’s economic line, filled with traditional MOEF bureaucrats who prioritize investment and growth, naturally steering national governance toward a 'pro-business, pro-industry' direction.

Within the MOEF, there is a cautious atmosphere regarding external calls for restraint, viewing the current period as a 'process of revitalizing' an organization that had been stagnant for some time. A MOEF official at the director level said, "There has been too much vetoing against the MOEF," adding, "Work was done without proper rewards, so the organization itself became stagnant, but now it seems to be loosening up a bit."

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