SEOUL - Choi Sang-mok, a veteran economic technocrat, has been named South Korea's new Finance Minister and Deputy Prime Minister, tasked with leading the nation's economic and financial affairs. Choi replaces Choo Kyung-ho, who is expected to run for parliament in the upcoming general elections.
According to Yonhap News Agency, Choi, recognized as an expert in economic policy, brings a wealth of knowledge and experience to the role. His appointment comes at a crucial time when South Korea faces challenges like inflation and the need for economic reform. Choi, 60, is a Seoul National University law graduate who entered public service in 1986. He earned a master's degree from Cornell University in 1996 and has held various roles in the finance ministry since 1987, contributing significantly to economic strategy and policy formulation.
Choi's career includes key positions under the Park Geun-hye administration and as the first vice finance minister from 2016-2017. After a hiatus from government service, he served as president of the Agricultural Cooperative University before joining President Yoon Suk Yeol's transition team in 2022. Choi has been the senior presidential secretary for economic affairs since May 2022.
Facing the challenge of stimulating growth while managing high inflation and financial stability, Choi steps into his new role during a period of economic uncertainty. The Bank of Korea recently maintained its 2023 growth estimate at 1.4% but lowered the forecast for 2024 to 2.1%. Additionally, the bank raised the inflation projection for next year to 2.6%. Choi's tenure will be crucial in steering South Korea through structural reforms, especially considering the country's aging population and record-low fertility rates.