On the 10th, the newly appointed Vice Minister of Economy and Finance, Lee Hyeong-il, has taken on the role of acting Minister of Economy and Finance, currently vacant, and will serve as the head of the Korean economy. The measures for price stabilization directed by President Lee Jae-myung to the economic ministries are expected to be his first task. He will also be responsible for establishing the direction of the economic policy of the Lee Jae-myung administration, tax reform, and responding to external economic issues.
The new Vice Minister supported the design of the 'innovative growth' and 'Korean New Deal' policies in the Economic Office of the Blue House during the Moon Jae-in administration. He demonstrated his capabilities by serving as Deputy Minister of the Ministry of Economy and Finance and the head of Statistics Korea during the Yoon Suk-yeol administration. Having been in charge of core economic policies regardless of the change in administration, he has been given a significant role as Vice Minister in the Lee Jae-myung administration.
Born in Daegu in 1971, Vice Minister Lee graduated from Daegu Gyeongsang High School and studied economics at Seoul National University before entering public service through the 36th National Examination for Senior Civil Servants. He later obtained a Ph.D. in economics from Texas A&M University in the United States.
Starting his public service in 1993 as a Deputy Director at the Ministry of Finance, Vice Minister Lee worked in various roles, including the Financial Policy Division of the Ministry of Economy and Finance and the Public Fund Management Committee, and then served in the Economic Finance Secretary’s Office in the Presidential Office and the Fund Market Division of the Ministry of Economy and Finance. Particularly during his time as the Chief of Economic Analysis, he led amendments to the Statistics Act that strictly managed the domestic statistical system. He also served as Director of Comprehensive Policy, Director of Economic Policy, and played a key role in shaping Korea's economic policies.
While serving as Deputy Minister of the Ministry of Economy and Finance in 2021 during the Moon Jae-in administration, Vice Minister Lee moved to the Blue House and returned as Deputy Minister shortly after the Yoon Suk-yeol administration began. During his tenure as head of Statistics Korea, he showed a pragmatic work style by starting with an executive meeting immediately after his inauguration without a ceremony.
Vice Minister Lee has been selected three times for the 'superior one wants to resemble' award chosen by the Ministry of Economy and Finance employees and has been inducted into the Hall of Fame, receiving praise for combining competence and character. He is regarded as the right person to design and promote the expansionary fiscal policy of the Lee Jae-myung administration.
▲Daegu (54) ▲Daegu Gyeongsang High School ▲Seoul National University, Department of Economics ▲Ph.D. in economics from Texas A&M University, USA ▲36th National Examination for Senior Civil Servants ▲Ministry of Economy and Finance, Planning and Coordination Office, Economic Education and Promotion Officer ▲Head of the Fund Market Division ▲Chief of Economic Analysis ▲Director of Comprehensive Policy ▲Director of Economic Policy ▲Economic Policy Secretary in the Economic Office of the Presidential Policy Office ▲Deputy Minister of the Ministry of Economy and Finance ▲Head of Statistics Korea