By Park Hyong-ki
Nominee for finance minister Hong Nam-ki is expected to face intense grilling from opposition lawmakers over President Moon Jae-in's key economic policies during his upcoming confirmation hearing.
After documents were submitted to the National Assembly, Nov. 16, requesting the hearing, it has to take place within 20 days. This means lawmakers must complete it by the first week of December, according to the Ministry of Finance, Monday.
Already, the main opposition Liberty Party Korea (LPK) is getting ready to question him about why he received a mandatory military service exemption.
It said in a statement that Hong was selected for his new job as "a favor," following his previous work for former President Roh Moo-hyun and President Moon Jae-in.
Above all, however, opposition lawmakers will likely try to get him to admit that the administration's attempt to spur growth and consumption through rapid increases in the minimum wage has been a failure, and that its policies have caused more harm than good, especially in employment.
Hong said Nov. 12 that the President's "second" economic team will "continue to carry out the income growth policy," in addition to others promoting innovation and fair competition.
He told the press Nov. 9 that he would not deviate too much from measures taken by his predecessor Kim Dong-yeon, and Jang Ha-sung, the former presidential chief of staff for policy.
"The government's income growth policy is not only about the wage hikes, as it is also focused on helping the unemployed find jobs and boosting consumption, while the government expands the social security system," he said.
"The country, however, is likely to grow far below the government's initial forecast."
The finance ministry projected the economy to advance 2.9 percent in 2018, and 2.8 percent in 2019.
A number of agencies have since revised these numbers down with Moody's Investors Service forecasting it to grow 2.5 percent in 2018, the lowest projection among all players, including the OECD, the Korea Development Institute and the Bank of Korea.
Hong is also expected to face questions regarding his former job as a secretary for policy coordination under former President Park Geun-hye as opposition lawmakers may attempt to connect this to the political and corruption scandals involving her.
Under the law, not all ministerial candidates have to gain approval from lawmakers, although they are required to go through hearings.
President Moon has appointed eight ministers without the full consent of lawmakers. Hong was previously director of the Office for Government Policy Coordination.
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| Finance Minister nominee Hong Nam-ki answers reporters' questions on the way to his temporary office inside the Korea Deposit Insurance Corp. in Seoul, Nov. 12. Yonhap |
After documents were submitted to the National Assembly, Nov. 16, requesting the hearing, it has to take place within 20 days. This means lawmakers must complete it by the first week of December, according to the Ministry of Finance, Monday.
Already, the main opposition Liberty Party Korea (LPK) is getting ready to question him about why he received a mandatory military service exemption.
It said in a statement that Hong was selected for his new job as "a favor," following his previous work for former President Roh Moo-hyun and President Moon Jae-in.
Above all, however, opposition lawmakers will likely try to get him to admit that the administration's attempt to spur growth and consumption through rapid increases in the minimum wage has been a failure, and that its policies have caused more harm than good, especially in employment.
Hong said Nov. 12 that the President's "second" economic team will "continue to carry out the income growth policy," in addition to others promoting innovation and fair competition.
He told the press Nov. 9 that he would not deviate too much from measures taken by his predecessor Kim Dong-yeon, and Jang Ha-sung, the former presidential chief of staff for policy.
"The government's income growth policy is not only about the wage hikes, as it is also focused on helping the unemployed find jobs and boosting consumption, while the government expands the social security system," he said.
"The country, however, is likely to grow far below the government's initial forecast."
The finance ministry projected the economy to advance 2.9 percent in 2018, and 2.8 percent in 2019.
A number of agencies have since revised these numbers down with Moody's Investors Service forecasting it to grow 2.5 percent in 2018, the lowest projection among all players, including the OECD, the Korea Development Institute and the Bank of Korea.
Hong is also expected to face questions regarding his former job as a secretary for policy coordination under former President Park Geun-hye as opposition lawmakers may attempt to connect this to the political and corruption scandals involving her.
Under the law, not all ministerial candidates have to gain approval from lawmakers, although they are required to go through hearings.
President Moon has appointed eight ministers without the full consent of lawmakers. Hong was previously director of the Office for Government Policy Coordination.
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