[Analysis of Yoon Administration's Economic Team] Highlighting the 'Traditional Policy Line'... A Look at Past Directors of the Economic Policy Bureau

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[Asia Economy Sejong=Reporter Son Sun-hee] Jo Won-dong, former Chief Presidential Secretary for Economic Affairs (Park Geun-hye administration, 23rd Administrative Examination), Lim Jong-ryong, former Chairman of the Financial Services Commission (24th Administrative Examination), Yoon Jong-won, former Chief Presidential Secretary for Economic Affairs (Moon Jae-in administration, 27th Administrative Examination), Choi Sang-mok, current Chief Presidential Secretary for Economic Affairs (Yoon Suk-yeol administration, 29th Administrative Examination), Lee Ho-seung, former Director of the Policy Office (Moon Jae-in administration, 32nd Administrative Examination), and Lee Ok-won, First Vice Minister of Economy and Finance (35th Administrative Examination).... The commonality among these individuals, who have served as presidential economic advisors or held key ministerial and vice-ministerial positions in major economic ministries across progressive and conservative administrations, is that they all served as Directors of the Economic Policy Bureau during their tenure at the MOEF.

The Director of the Economic Policy Bureau is considered a particularly key position among various director-level roles within the MOEF. Historically, Economic Policy Bureau Directors have invariably worked at the Blue House before returning to major economic ministries, making this role the 'final gateway' to entering ministerial or vice-ministerial political positions. As such, many distinguished economic bureaucrats have passed through this post.

The main task of the Economic Policy Bureau is to establish the 'Economic Policy Direction (Gyeongbang),' which contains specific policy tasks to be pursued based on the diagnosis of the current economic situation and future economic outlook. This serves as a 'compass' guiding the trajectory of the Korean economy. It is announced twice a year, divided into the first and second halves. Additionally, the bureau frequently plans and releases the incumbent government's economic policies.

During the era of government investment-led developmental economics, the influence of Gyeongbang was significant. Whether a particular industry was mentioned in Gyeongbang could determine its fate. Although its influence has somewhat diminished as private investment has been activated and the market economy has developed, the Economic Policy Bureau of the MOEF, which oversees macroeconomic policies, remains recognized as an 'elite course' due to the Korean economy's susceptibility to external factors. Especially since the Yoon Suk-yeol administration launched amid major external risks such as global inflation, the Ukraine crisis, and US-China tensions, economic bureaucrats handling macroeconomic policies are receiving heightened attention.

Given that this position is occupied by capable economic bureaucrats, relationships formed while working together in key economic lines often last a long time. A representative example is Kim Dae-gi, Chief of the Presidential Secretariat from the MOEF, who served consecutively as Chief Presidential Secretary for Economic Affairs and Director of the Policy Office during the Lee Myung-bak administration, working closely with Choi Sang-mok, then Director of the Economic Policy Bureau (now Chief Presidential Secretary for Economic Affairs). According to government sources, Choi was initially a strong candidate for the Financial Services Commission Chair under the new administration, but Kim, who was first appointed as Chief of the Presidential Secretariat, reportedly persuaded him to stay at the Presidential Office to 'work together.' Kim Byung-hwan, Economic and Financial Secretary currently working at the Presidential Office, is also a former Director of the Economic Policy Bureau.

Recently, a significant stir occurred in the appointment of key positions by Deputy Prime Minister Choo, who was inaugurated recently. A 'generation-breaking' appointment was made to the key position of Director of the Economic Policy Bureau. While most MOEF directors are from the 36th to 37th Administrative Examination cohorts, Yoon In-dae, from the 39th Administrative Examination cohort, was appointed as Director of the Economic Policy Bureau. At an expanded executive meeting held on the first week after his inauguration on the 23rd of last month, Deputy Prime Minister Choo emphasized, "We will introduce bold generation-breaking personnel appointments and apply preferential incentives to employees who work hard and produce results."

Among director-level positions, the key role is the Director of the Economic Policy Bureau, while among section chief-level positions, there is the 'General Policy Section Chief.' Every personnel season, fierce competition unfolds for this position. Eight individuals?former Chief Presidential Secretary for Economic Affairs Yoon Jong-won, former Secretary Kim Cheol-joo, Senior Deputy Director Lee Chan-woo, former Director of the Policy Office Lee Ho-seung, former First Vice Minister Lee Ok-won, Vice Minister-designate Lee Hyung-il, Secretary Kim Byung-hwan, and current Director Yoon In-dae?all rose to the position of Director of the Economic Policy Bureau after serving as General Policy Section Chief. Since passing through the General Policy Section Chief position increases the likelihood of being appointed Director of the Economic Policy Bureau later, it can be considered a kind of 'preliminary league.' Although it is a demanding position with constant work, it also offers frequent opportunities to report to senior officials in the Presidential Office or MOEF, making it a chance to firmly establish one's reputation. A MOEF employee said, "The appointment of the General Policy Section Chief is equivalent to selecting a future 'preliminary First Vice Minister,'" adding, "The MOEF Minister chooses this position most carefully during every personnel appointment."

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