President Yoon Suk Yeol nominated Lee Hyung-il, the current first vice minister of the Ministry of Economy and Finance, as the new Deputy Prime Minister and Minister of Economy on August 30.
According to the Ministry of Economy and Finance, Lee, a native of Daegu, began his public service career after passing the 36th National Administrative Examination in 1992 while studying economics at Seoul National University.
He started his career at the Ministry of Finance and has since worked in various roles, including in the Financial Policy Bureau and the Public Fund Management Committee, following the 1997 Asian financial crisis. He has earned a reputation as a macroeconomic expert through key positions such as Director of Economic Analysis and Director of Comprehensive Policy at the Ministry of Economy and Finance.
Lee is noted for being appointed across multiple administrations, regardless of political affiliation. During the Moon Jae-in administration, he served as a senior administrative officer in the Blue House Economic Office, Director of Economic Policy at the Ministry of Economy and Finance, Vice Minister, and Economic Policy Secretary at the Blue House. In the Yoon Suk Yeol administration, he held the positions of Vice Minister of Economy and Finance and Commissioner of Statistics Korea.
As Commissioner of Statistics Korea, he focused on developing statistics to improve social mobility and address issues related to low birth rates and an aging population.
Since joining the Yoon administration as the first vice minister of the Ministry of Economy and Finance, he has concentrated on managing macroeconomic issues such as employment and inflation. He has been credited with contributing to price stability by implementing a maximum price system for oil following the outbreak of the Middle East war in February.
Additionally, he played a key role in formulating the '3-4-5 Economic Leap,' which aims for a potential growth rate of 3%, ranking fourth in global exports, and achieving a per capita income of $50,000.
Internally, Lee is regarded as a highly respected bureaucrat. He has been recognized three times as a 'desired supervisor' by employees during his time at the Ministry of Economy and Finance, earning a place in the 'Hall of Fame.'
* This article has been translated by AI.
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