The Korea Chamber of Commerce and Industry (KORCHAM) announced on the 9th that it will hold a meeting on the 12th inviting the policy leaders of past governments to discuss the topic 'The path for the Korean economy.' Attendees include Chey Tae-won, chairman of KORCHAM; Chung Sye-kyun, former Speaker of the National Assembly; Lee Hun-jae, former Deputy Prime Minister; Yoon Jeung-hyun, former Minister of Strategy and Finance; and Yoo Il-ho, former Deputy Prime Minister.
KORCHAM noted, "Recently, domestic and external uncertainties have intensified, and it is expected that our economy's growth rate will be fixed at around 1%." It explained that the meeting aims to gather advice from economic elders who have previously indicated the direction our economy should take during national crises.
KORCHAM explained about the attendees, saying, "KORCHAM has invited the policy leaders of past governments from the Roh Moo-hyun administration to the Lee Myung-bak, Park Geun-hye, and Moon Jae-in administrations."
Former Speaker Chung Sye-kyun is a six-term member of the National Assembly who served as Minister of Industry in the Roh Moo-hyun administration. Former Deputy Prime Minister Lee Hun-jae, the first head of the Financial Supervisory Service, contributed to overcoming the foreign exchange crisis during the International Monetary Fund (IMF) crisis and was responsible for responding to the card crisis during his tenure as Deputy Prime Minister and Minister of Finance and Economy in the Roh Moo-hyun administration.
Former Minister of Strategy and Finance Yoon Jeung-hyun responded to the global financial crisis originating from the United States by organizing a large supplementary budget during the Lee Myung-bak administration. He is credited with helping the economy rebound from a growth rate that plummeted to -4.6% in the fourth quarter of 2008 to 6.3% in 2010. Former Deputy Prime Minister Yoo Il-ho has experience responding to complex crises, including sluggish exports, domestic slowdown, and the initiation of U.S. interest rate hikes during the Park Geun-hye administration.
Park Il-jun, the executive vice chairman of KORCHAM, said, "The crises our society and economy are currently experiencing may seem unprecedented, but they are issues that our predecessors have successfully overcome in the past. In times like these, the rich field experiences and wisdom of the elders are expected to be of great help," adding, "The business community will seek ways to support our economy and society based on the advice of the elders."