[Gwanga in] Looking at the Leading Candidates for Yoon's 2nd Term Economic Team...

Choe Sang-mok Likely to Become Deputy Prime Minister and Chief Economic Secretary
Park Chun-seop and Won Hee-ryong Also Considered as Candidates
Kim So-young Possible for Financial Services Commission Chairperson

In the emergency situation of a high-interest, high-inflation economy, the final preparations for reorganizing the 'Yoon Seok-yeol administration's second-term economic policy line' are in full swing. Given the public's strained sentiment due to the inflation emergency, there was active consideration of announcing the new lineup early in November to refresh the atmosphere. However, considering the president's overseas trip schedule and the budget approval process, an announcement in early next month is highly likely.

According to the presidential office and political circles on the 20th, Choi Sang-mok, the presidential office's chief economic secretary, has been selected as the successor to Deputy Prime Minister Choo Kyung-ho. Candidates for the chief economic secretary position are being narrowed down to Park Chun-seop, a member of the Bank of Korea's Monetary Policy Committee, and Bang Ki-seon, head of the Office for Government Policy Coordination. Final vetting of the shortlisted candidates is underway, but there remains a possibility of last-minute variables emerging during the verification process. It is said that some candidates who do not pass the vetting are being adjusted, and caution is being exercised repeatedly until the last piece of the puzzle is put in place.

With Choi Sang-mok being strongly considered as the successor to Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, tension within the Ministry of Economy and Finance (MOEF) is also rising. Choi, a 29th administrative examination pass, is regarded as a traditional economic bureaucrat who has held key positions such as head of the Financial Policy Division at the Ministry of Finance and Economy, economic and financial secretary at the presidential office, and first vice minister of MOEF. Being a former vice minister of MOEF and well-versed in internal affairs, it is widely expected that he will actively respond to the high-interest, high-inflation environment by leveraging his recent experience as chief economic secretary.

Choi is evaluated as highly knowledgeable in his work and possessing considerable organizational control. In particular, he is known for being meticulous in handling tasks and strict in report writing. An MOEF employee said, "The rumor that Choi might become the successor has been circulating for quite some time, and since he is intelligent, the overall work intensity is expected to increase."

MOEF Work Intensity Likely to Increase... Park Chun-seop Strong Candidate for Chief Economic Secretary

Choi has held key economic policy positions at MOEF, including director of the Policy Coordination Bureau and director of the Economic Policy Bureau. Notably, he also served as head of the Financial Policy Division within the economic policy line, giving him deep expertise in related tasks. Another MOEF employee said, "He has a high level of understanding of major tasks and a considerable standard for work. Even during his tenure at MOEF, he did not hesitate to openly share his views and perspectives with both superiors and juniors." The 'New Year Economic Policy Direction' being prepared by MOEF is expected to gain momentum after the new minister is appointed. This policy direction will specifically outline how to implement the key tasks of the Yoon Seok-yeol administration's mid-term agenda. It is also expected to reflect the new minister's execution capabilities and style.

Park Chun-seop, a member of the Bank of Korea's Monetary Policy Committee who is also mentioned as a candidate for chief economic secretary, passed the 31st administrative examination and graduated from Daejeon High School and Seoul National University with a degree in Trade. He has served as spokesperson for MOEF, head of the Budget Office, administrator of the Public Procurement Service, and secretary general of the Korean Sports Council. Since April this year, he has been a member of the Monetary Policy Committee. Park is known as a budget expert from his time as head of MOEF's Budget Office, but during the Moon Jae-in administration, he was classified as a 'Park Geun-hye government person' and reportedly faced personnel disadvantages.

A MOEF official said, "When Park was head of the Budget Office, Choi Sang-mok was the first vice minister, so they worked closely together. As a traditional MOEF bureaucrat, he is numerically savvy and has a high understanding of tasks. Moreover, having recently served as a Monetary Policy Committee member and witnessed monetary policy firsthand, he should adapt without difficulty." If Park's appointment as chief economic secretary is confirmed, the Bank of Korea will begin the process of appointing a successor to the Monetary Policy Committee. However, there is speculation that Park could be a replacement candidate if Won Hee-ryong, Minister of Land, Infrastructure and Transport, runs in next year's general election.

Bang Ki-seon, head of the Office for Government Policy Coordination, is also considered among the candidates for chief economic secretary. Bang, a 34th administrative examination pass, graduated from Seoul National University with a degree in Economics. He is a traditional economic bureaucrat who has held positions such as senior administrative officer at the Office of the Chief Economic Secretary, budget review officer, and first vice minister of MOEF.

Kim So-young, the deputy chairperson of the Financial Services Commission, is highly likely to be promoted to chairperson. Kim, a former professor in the Department of Economics at Seoul National University, served as head of the Economic Policy Headquarters in President Yoon Seok-yeol's election campaign, acting as an economic advisor. Although there were concerns about her organizational control due to her background as an external professor, she has performed her duties smoothly and is known as a strong candidate to succeed Chairperson Kim Ju-hyun.

Regarding Lee Chang-yong, governor of the Bank of Korea, who has been mentioned for various positions, recent interpretations suggest that he is likely to maintain his position as governor after being appointed chairperson of the Committee on the Global Financial System (CGFS) at the Bank for International Settlements (BIS) governors' meeting. His term runs until April 2026, and given the central bank's significant role, it is understood that he intends to remain as governor until the end of his term.

A financial industry official said, "With the prolonged high-interest rates expected in the U.S. and the economy facing high inflation and low growth, the role of the economic line is more important than ever. While there is anticipation for the launch of the second-term economic line early next month, with the general election approaching and the atmosphere unsettled, it is necessary to quickly finalize personnel appointments and stabilize the organizational atmosphere."