Choi Sang-mok, a former senior economic counselor, was nominated for the position of finance minister in South Korea by President Yoon Suk Yeol on Monday. It is widely anticipated that the current minister will stand down to compete for office.
It will be necessary for Choi, who is taking over for Choo Kyung-ho, to keep the economy moving forward in advance of the parliamentary elections that will take place in April of next year. The outcome of these elections will determine the level of legislative support for several of the government’s proposals, including the ministry’s suggestion to stop the growth in fiscal spending.
“Yoon is trying to make sure that there is policy continuity in place ahead of the election,” said Park Sang-hyun, an economist with HI Investment & Securities. “This decision indicates that Yoon is making this effort.” “Choi has been a long-time finance ministry person, and he spearheaded major economic policies of the Yoon administration from the beginning, so it’s a safe choice.”
There are now 298 members in the parliament, and the ruling party only controls 37% of them. The biggest opposition party holds 56% of the seats, equivalent to 168.
Yoon doesn’t need to obtain consent from parliament to designate a new finance minister, who functions as the deputy prime minister.
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