Lee Hyung-il nominated as Deputy Prime Minister and Finance Minister

President Lee Jae-myung has nominated Lee Hyung-il, the current First Vice Minister of Economy and Finance, as the candidate for Deputy Prime Minister and Minister of Economy and Finance. Additionally, Hong Ji-sun, the current Second Vice Minister of Land, Infrastructure and Transport, has been nominated to lead the Ministry of Land, Infrastructure and Transport.

Both nominees are career bureaucrats who have served in high-level roles within the current administration, a move seen as an effort to maintain continuity in economic and housing policies. Lee Hyung-il, an expert in macroeconomics and financial policy, faces the immediate challenge of coordinating tax reform proposals, specifically regarding property tax deductions for single-home owners, while attempting to bridge the gap between the government and the ruling party.

Lee aims to leverage the current semiconductor boom to boost domestic demand, employment, and address economic polarization. His long-term goals include supporting the ‘3-4-5 Economic Leap’ strategy, which targets a 3% potential growth rate, a top-four global export ranking, and a per capita national income of $50,000. He also emphasized the need to manage risks such as inflation, household debt, and international trade uncertainties.