[Profile] Chu Kyung-ho Appointed as the First Deputy Prime Minister for Economic Affairs in Yoon Administration

Experienced Economist Through MoEF and FSC... Senior Deputy Prime Minister Nominee Raises Expectations Among MoEF Officials
Economic Issues Such as Inflation, Supplementary Budget, and Fiscal Soundness Accumulate

[Asia Economy Sejong=Reporter Kwon Haeyoung] Chu Kyung-ho, a member of the People Power Party nominated as the first Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance under the Yoon Seok-yeol administration, is a seasoned economic bureaucrat who has long served in economic ministries including the Ministry of Economy and Finance. The challenges facing the new government's first 'economic commander' are not easy. Addressing urgent issues confronting our economy such as the slowdown in economic recovery, high inflation, and deterioration of fiscal soundness is expected to be the main task for Deputy Prime Minister nominee Chu Kyung-ho.

Nominee Chu was born in 1960 in Dalseong-gun, Daegu, and graduated from Kyeseong High School and Korea University with a degree in Business Administration. He passed the 25th Administrative Examination in 1981 and has worked in various departments including the Ministry of General Affairs, Economic Planning Board, Ministry of Finance and Economy, the Office of the President’s Senior Secretary for Economic Affairs, and the Ministry of Strategy and Finance.

During the Lee Myung-bak administration, he served as Vice Chairman of the Financial Services Commission in 2011, and under the Park Geun-hye administration, he was the 1st Vice Minister of the Ministry of Economy and Finance in 2013 and Minister-level Head of the Office for Government Policy Coordination in 2014. While serving as a member of the 20th and 21st National Assembly, he was active in the National Assembly’s Planning and Finance Committee and the Special Committee on Budget and Accounts, and recently served as the Senior Deputy Floor Leader. He currently serves as the secretary of the Planning and Coordination Subcommittee of the Presidential Transition Committee.

Having gained extensive experience in both the executive and legislative branches, he is known as an 'economic expert' who has openly criticized the Moon Jae-in administration’s economic policies.

An official from the Ministry of Economy and Finance said, "During his time as a bureaucrat at the Ministry of Economy and Finance, Representative Chu demonstrated outstanding and rational work capabilities, so there are high expectations internally." Above all, as a former ministry official with a deep understanding of the bureaucratic society, and as a current lawmaker and secretary of the transition committee’s planning and coordination subcommittee, there is considerable anticipation for a 'powerful' Deputy Prime Minister.

However, with the recent worsening conditions surrounding our economy, nominee Chu faces difficult tasks from the outset of the new government. Amid expectations of a slowdown in economic recovery due to the Ukraine crisis, consumer prices have risen by over 4% for the first time in 10 years, raising concerns about 'stagflation.' Furthermore, the transition committee has announced plans to prepare an additional supplementary budget of around 50 trillion won immediately after the new government takes office, which could further fuel inflation. The real estate market, stirred by expectations of deregulation promised by President-elect Yoon Seok-yeol, is also a concern. Regulations need to be lifted without overheating the real estate market. Improving fiscal soundness, which is rapidly deteriorating as national debt surpasses 50% of the Gross Domestic Product (GDP), is another challenge facing nominee Chu.