South Korean President Moon Jae-in fired both his top economic policymakers and replaced them with people already in the government, his office said on Friday, Reuters reported. The move is being seen as a step further to implement his controversial policies.
The President replaced chief presidential policy aide Jang Ha-sung and finance minister Kim Dong-yeon, the two most senior policymakers, the presidential office announced.
This comes after economists observed that his economic policies could hurt growth, leading to an unexpected bigger reshuffle.
Presidential social policy aide Kim Soo-hyun will succeed Jang and veteran bureaucrat Hong Nam-ki, currently head of the government policy co-ordination office, will be the new finance minister, the presidential office said.
The replacement of the chief presidential policy aide is known for having been behind harsh regulatory measures aimed at curbing housing prices, which many analysts have said were against market principles.
The replacement of the finance minister has served at various government departments such as the finance ministry and the presidential office. However, he is still required to appear at a parliamentary verification hearing although approval there is not mandatory.
President’s Moon signature policies that included big minimum wage increases and a shorter work week had backfired, with lower income earners bearing the brunt of employers cutting back on hiring. The high-profile appointments took place following the backlash.
