New Senior Secretary for Economic Affairs Park Chunseop: "Though Leaving the Monetary Policy Board, I Will Continue Seeking Solutions for the Korean Economy"

Shares Reflections at Farewell Event on December 1

"Although I am leaving the Bank of Korea and the Monetary Policy Board, I will continue to reflect on and seek solutions to issues facing the Korean economy from a different position."

Park Chunseop, a member of the Monetary Policy Board who has been tapped as the new Senior Secretary for Economic Affairs at the Presidential Office, shared his thoughts on his short tenure in his farewell address on December 1. He stated that he would continue to contemplate solutions to the challenges facing the Korean economy.

Park noted, "Our economy is in a difficult situation, with household debt continuing to rise and risks persisting in vulnerable sectors such as real estate project financing (PF). In addition, the trend of low birth rates and an aging population, coupled with delayed structural reforms, is causing a decline in our potential growth rate," he expressed with concern.

He emphasized, "Although I am leaving the Bank of Korea and the Monetary Policy Board, I intend to continue reflecting on these issues and seeking solutions from a different position."

He continued, "As a result of global monetary tightening, many people are suffering from high interest rates. Recently, with the increase in the cost of living, the difficulties faced by ordinary citizens have intensified. Thinking about the tasks that need to be addressed weighs heavily on my mind. Although my capabilities may be limited, I will do my utmost to contribute to solving these problems," he pledged.

Park also expressed regret over the brevity of his tenure. He said, "It has not been long since I greeted the executives and staff of the Bank of Korea to say that I would be working with you, and now I must say farewell. I am sorry for this," adding, "Thanks to your support, I was able to fulfill my role as a member of the Monetary Policy Board during the past five meetings on monetary policy direction without incident," expressing his gratitude.

He further stated, "As the saying goes, 'all meetings must end in parting,' it is only natural that we eventually say goodbye. However, I feel much regret at having to leave the Monetary Policy Board before completing my term. I hope that in the future, I will have the opportunity to meet you again in another capacity and work together for the nation and the economy."

The farewell event that day was held privately at Park's request, as he wished to use the occasion to personally say goodbye to Bank of Korea staff.

Born in 1960 in Danyang, North Chungcheong Province, Park graduated from Daejeon High School and Seoul National University with a degree in trade, and earned his master's degree from the University of Manchester in the United Kingdom. He passed the 31st Higher Civil Service Examination and has served as Director of Budget Coordination at the Ministry of Strategy and Finance, Director of the National Assembly's Special Committee on Budget and Accounts, Director of Fiscal and Financial Policy at the Prime Minister's Office, Spokesperson and Director of Budget at the Ministry of Strategy and Finance, Administrator of the Public Procurement Service, and Secretary-General of the Korean Sport & Olympic Committee. Since April, he has served as a member of the Monetary Policy Board, participating in a total of five base rate decisions (in May, July, August, October, and November) up to the previous day.

A senior official at the Bank of Korea commented, "Park is a career economic bureaucrat with a strong background in budgeting, keen numerical insight, and broad interest in society as a whole. Although he has a gentle personality, he is known for adhering to his principles when it comes to work. We expect he will contribute to resolving the various challenges facing the Korean economy."