Bank of Korea Governor Shin Hyun-song and Ministry of Planning and Budget Minister Park Hong-geun met for the first time on the 14th and agreed to cooperate with each other to stabilize prices and finance and to expand growth potential.
Minister Park visited the Bank of Korea in Jung District, Seoul, on the morning of the day and met with Governor Shin. It was an occasion for Minister Park to congratulate Governor Shin on taking office and to seek cooperation. It is the first time that the Bank of Korea governor and the Ministry of Planning and Budget Minister have met, including during the former Ministry of Planning and Budget (1999-2008) era.
Governor Shin said, "While operating policy to stabilize prices and finance, we will continue research and recommendations to expand growth potential." Minister Park said, "We will operate fiscal and currency policy in harmony and work actively to expand future growth potential and resolve structural problems."
Governor Shin and Minister Park agreed that although economic growth has rebounded sharply on the strength of robust semiconductor exports, inflation is rising as high oil prices persist due to the Middle East war. They agreed to focus their capabilities on livelihood stabilization policies, including support for vulnerable institutional sectors.
Governor Shin said he would seek ways to contribute to the Ministry of Planning and Budget's plan to establish a national development strategy based on survey and research capabilities. The national development strategy is being pursued to overcome five structural challenges: the artificial intelligence (AI) great transition, demographic change, polarization, regional extinction, and the climate crisis.