Reflections on Martial Law in Letter... Choi Sang-mok: "Too Embarrassed to Say Sorry, Without Preemptive Response the Economy Would Have Stopped" [Gangwa in]

Economic Deputy Prime Minister Sends Internal Message to Staff
Describes Current Economic Situation as "Navigating Through a Dark Tunnel"
"Can't Even Say Take a Break... Feel Awkward to Apologize"

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Economy and Finance, expressed to internal staff that if the fiscal authorities had not taken a preemptive response to the martial law situation, the Korean economy would have come to a halt. He evaluated the current economic situation as being navigated through the resilience of the domestic economic system and systematic responses. He also expressed apologies and gratitude to the internal staff whose workload increased due to managing the martial law situation.

According to the Ministry of Economy and Finance on the 24th, Deputy Prime Minister Choi issued a message titled “Dear Family of the Ministry of Economy and Finance” to all employees on the morning of the 20th, sharing his stance on the martial law situation. This is the first time since President Yoon Suk-yeol declared a state of emergency martial law on the 3rd that Deputy Prime Minister Choi has directly shared his thoughts on the aftermath of martial law with all employees.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance. Photo by Kang Jin-hyung

Deputy Prime Minister Choi stated, “If, in the early stages of the (martial law) situation, you and I had not instinctively and preemptively responded to the market’s anxiety and uncertainty, I believe our economy could have lost its way and come to a standstill in a grave situation,” adding, “Fortunately, thanks to the strong resilience of our economic system, your systematic responses trained by economic rationality, and your dedication putting work first this time, we are wisely navigating through this dark tunnel.”

He emphasized, “As always, your capabilities are the capabilities and assets of the ministers and vice ministers.”

Since the declaration and lifting of martial law on the 4th, Deputy Prime Minister Choi has been holding daily “Emergency Macroeconomic and Financial Issues Meetings (F4).” Originally, these meetings are held once a week in a closed format, but due to the market fluctuations caused by the martial law aftermath, messages to stabilize the market have been issued daily. On the day martial law was lifted, urgent letters were sent to finance ministers of various countries, heads of major international organizations, global credit rating agencies, and financial institution investors to prevent a drop in external credibility. A Korean economic briefing is also planned to be held in the United States in January next year.

However, Deputy Prime Minister Choi mentioned that the Ministry of Economy and Finance’s workload surged during the process of overcoming the martial law situation, leading to increased overwork among employees. He said, “I imagine that the boundaries between night and day, weekdays and weekends, work and home have all been broken down,” adding, “I can vividly picture you all still holding onto the 2025 economic policy direction in this exhausted state.”

Deputy Prime Minister Choi continued, “I cannot even say ‘take a rest’ now, so saying ‘sorry’ feels hollow and embarrassing,” and “I will replace my apologies with words of thanks.” He also comforted, “As a minister and senior colleague, my heart aches thinking about the confusion, conflicts, and emotional wounds you must have felt during this (martial law) situation,” and “The worries about the economic areas each of you are responsible for must have been much greater.”

He conveyed a New Year’s message, saying, “I hope that economic agents will continue to use our analyses and forecasts as a compass to prepare for a well-prepared 2025,” and “I also wish for your hearts to heal and for new growth to emerge from your wounds so that our Ministry of Economy and Finance becomes even stronger.”

He also included a request to senior officials of the Ministry. Deputy Prime Minister Choi said, “It is pitiful to see clerks, administrative officers, and section chiefs respond as if it is nothing, saying ‘we have to do it especially in difficult times,’” and urged, “Senior officials should pay a little more attention so that employees can take breaks whenever possible.”