“Raised Growth Rate to 3.4% as Deputy Prime Minister After Impeachment”
In a context where U.S. President Donald Trump’s “tariff war” is targeting South Korea, Kim Dong-yeon, a presidential candidate and governor of Gyeonggi Province, stated, “From my experience dealing with Trump alongside our president, if well-managed, good results can be achieved.” Kim met with President Trump three times during his tenure as the Minister of Economy and Finance under the Moon Jae-in administration. Among the current presidential candidates, Kim is almost the only one with experience dealing with President Trump.
Kim appeared on Kyunghyang Shinmun’s YouTube program
Kim mentioned, “I met with President Trump three times alongside President Moon Jae-in, who managed the meetings well. Therefore, during the first Trump administration in 2017 and 2018, we successfully handled the renegotiation of the Korea-U.S. Free Trade Agreement (FTA) and the currency talks. We managed Trump very well.”
He added, “President Trump may seem like a wild stallion these days, but it’s crucial to understand his characteristics. He is a highly pragmatic leader, so if you use this understanding wisely, you can achieve good outcomes.” Kim emphasized, “Recently, Trump continues to send us bills while negotiating with other countries. Our government currently has a leadership vacuum, which is a big worry, but from my experience dealing with Trump alongside our president, managing the situation well can lead to positive results.”
Kim highlighted his strength as a leader who is resilient during economic crises. Recalling the impeachment of former President Park Geun-hye in 2017, he said, “I was the first economic deputy prime minister after the impeachment, similar to now with Yoon Suk-yeol’s situation. The economy was struggling then, and in 2017, international conditions were extremely challenging with North Korea’s missile and nuclear tests. I managed those international issues well and raised the growth rate from the 2% range to 3.4% and 3.2% during my one and a half years as deputy prime minister.”
Kim stated, “The Moon Jae-in administration was a crisis-overcoming government. As seen in the new government formed after the impeachment, managing the economy meant overcoming crises. Even after I left, the government tackled the COVID-19 crisis, so the achievements and merits during Moon Jae-in’s government should be fully recognized.”
Reflecting on the 2008 global financial crisis, Kim added, “In 2008, I was the Blue House Secretary for Economic Affairs. Back then, we spent without restraint, because we needed to solve the economic crisis. Then, as the head of the Budget Office, I reined in public finances. It’s important to balance the rapid and slow phases.”
Criticizing the Yoon Suk-yeol administration’s fiscal policy, Kim remarked, “Though labeled as a sound fiscal policy, Yoon followed an austerity budget, which is a misguided dogma and a technical bureaucratic notion. In Gyeonggi, we expanded our budget last year and this year and plan to do so again next month. During tough times, funds should be directed to stimulate the economy and protect vulnerable groups. I strongly believe the next government should pursue this path.”
Regarding the next presidential race, Kim commented, “No candidate from the People Power Party would be a match for the Democratic Party candidate.” He added, “Lee Jae-myung would be the most formidable and challenging candidate for me. The ruling party candidate won’t be a match for our Democratic candidate.”