The Democratic Party of Korea has re-established the National Economic Advisory Council, a body originally created during the Moon Jae-in administration. This council, an expert advisory group, has been reinstated to navigate the recent challenges facing the Korean economy, following directives from Lee Jae-myung, the party leader.
The launch ceremony was held at the main building of the National Assembly, where Hong Seong-guk, a former lawmaker, was appointed as the chair. Other notable members include lawmakers Kwon Chil-seung, Ahn Do-geol, and Cho Jung-sik, with Lee Han-ju, the head of the Democratic Research Institute, also participating.
During the inaugural event, Lee Jae-myung emphasized the financial difficulties compounded by escalating geopolitical tensions and expressed concerns over the potential significant impact on the global financial markets due to President Trump’s election. He highlighted the necessity for the council to act as a central figure in shaping the economic policies of the Democratic Party and the nation, urging for substantial action beyond mere formality.
Following the award ceremony, Hong Seong-guk mentioned plans to devise specific operational guidelines in coordination with the party leadership, acknowledging the gravity of the current economic climate. He intends to expand the pool of experts and initiate various activities immediately after the launch.
In a subsequent economic assessment, Hong projected that achieving a GDP growth rate of 2% for Korea next year would be challenging, citing obstacles in the export sector and the impact of rising interest rates on consumer purchasing power. He also pointed out difficulties in finding new drivers of export growth outside the semiconductor and automotive industries and the potential continuation of subdued private consumption.
Lee Jae-myung reiterated the commitment to discovering and legislating timely policies, stressing the importance of preparations for consultations with the government and the ruling party. The National Economic Advisory Council, once a bridge between the government, the ruling party, and Cheong Wa Dae during the Moon administration, became largely inactive following the inauguration of the Yoon Suk-yeol government.