Former chief economic advisor Choi Sang-mok was nominated by South Korean President Yoon Suk Yeol on Monday ( Dec4 ) to serve as the nation’s new finance minister. The current president is widely anticipated to resign in order to run for office.
Prior to parliamentary elections in April, which will determine the level of congressional support for a number of expenses proposed by the government, including the ministry’s proposal to limit fiscal investing growth, Choi, who is replacing Choo Kyung-h, will need to maintain financial speed.
Yoon is attempting to ensure that there is policy continuity in place prior to the election with this ( decision ), according to Park Sang-hyun, an economist at HI Investment &, Securities. Choi has worked in the finance ministry for a long time, and he essentially spearheaded the Yoon administration’s big economics policies from the start, so it makes sense to make this decision.
Currently, the ruling party only holds 37 % of the 298 seats in the parliament, compared to the main opposition party’s 56 % or 168 seats.
According to data from Gallup Korea, President Yoon’s approval rating has decreased for a third straight week from 36 % in the last week of November to 32 % in this week.
In the future April general election, Yoon and his ruling group may face a number of obstacles, including rising borrowing costs that have reduced personal consumption and increased the pressure on homeowners dealing with rising debt levels.
Additionally, consumer prices accelerated for a second month in October amid higher food prices, far above the Bank of Korea’s specific rate of 2 %, despite the nation imposing its stringent policy interest rate at 3.50 percent.
Choi graduated with a bachelor’s degree from the law school at Seoul National University, where Yoon even pursued his studies at the same time. Choi has spent the majority of his time in government service at the finance government, where he has been in charge of developing monetary policy, economic market policies, and international business relations.
In the Daegu area, a liberal redoubt in the nation’s southeast where he was born, cheerful minister Choo is anticipated to run for office.
Yoon can name a novel finance minister who also serves as deputy prime minister without the need for political consent.