Former finance chiefs call for 'economic innovation' to enhance growth potential

Finance Minister Koo Yun-cheol speaks during a conference at the government complex in Seoul, Monday. Yonhap

A group of former finance ministers on Tuesday called for sweeping "economic innovation" aimed at enhancing Korea's growth potential, citing rising uncertainty both at home and abroad.

The call came during a meeting with Finance Minister Koo Yun-cheol, marking the 100th day of the new administration that also sought to gather policy recommendations and share experiences of the former finance chiefs, according to the Ministry of Economy and Finance.

The meeting was attended by former finance ministers, including Hong Nam-ki and Kim Jin-pyo, along with senior officials from the finance ministry.

The former ministers emphasized the need for bold and innovative policy shifts to achieve economic innovation to overcome sluggish growth and strengthen national competitiveness, the ministry said.

Koo said a structural transformation is urgently needed to expand the country's economic growth potential in the era of artificial intelligence (AI).

The former finance chiefs also stressed that Korea must create successful models in AI-driven transformation and achieve a meaningful rebound in its potential growth rate.