South Korean President Yoon Suk-yeol on Monday nominated former chief economic advisor Choi Sang-mok to be the country’s next finance minister, with the incumbent widely expected to step down to run for election.
Choi, who is replacing Choo Kyung-ho, will need to maintain economic momentum ahead of parliamentary elections next April, which will determine the legislative support level for a number of bills proposed by the government including the ministry's proposal to restrict fiscal spending growth.
"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been longtime finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice."