Lee Hyung-il, 55, the nominee for deputy prime minister and Minister of the Ministry of Economy and Finance, is a career economic official who has held key economic policy posts across the Ministry of Economy and Finance, including director general for economic policy and Deputy Minister. Beyond macroeconomic policy, Lee also gained experience in international economics and national statistics as a senior economist at the World Bank and as commissioner of the Statistics Korea.
Born in Daegu, Lee entered public service by passing the 36th higher civil service exam and handled major economic policy issues in turn as economic education and public relations officer in the Planning and Coordination Office, head of the money market division, head of the economic analysis division, head of the comprehensive policy division, and director general for economic policy at the Ministry of Economy and Finance. Lee also gained experience coordinating economic policy as senior administrative officer at the Presidential Office's senior secretary for economic affairs and as secretary for economic policy.
From 2015, Lee worked for three years as a senior economist at the World Bank (WB), gaining experience in international economics and finance. In 2023, Lee was appointed commissioner of the Statistics Korea and oversaw national statistics policy. During Lee's tenure as commissioner, Lee pushed to expand policy statistics, including developing income mobility statistics, and was active in the international statistics arena as vice chair of the United Nations (UN) Statistical Commission.
Appointed first Vice Minister at the Ministry of Economy and Finance in June last year, Lee has coordinated the government's key economic policies. After the launch of the Ministry of Finance and Economy this year, Lee, as the first vice minister, led the introduction of a price cap on oil in response to high oil prices originating in the Middle East, among other measures, and is credited with strong policy execution on economic issues. This time, Lee was named deputy prime minister and Minister nominee from the first vice minister post.
Lee is known as an official with a gentle, rational temperament and outstanding communication skills. Lee was selected three times by Ministry of Economy and Finance staff for the "boss to emulate" award and was inducted into the hall of fame. In work, Lee is assessed as having a style that communicates freely with staff while coordinating rationally based on expertise.
▲ Born 1971, Daegu ▲ Gyeongsang High School, Daegu ▲ Department of Economics, Seoul National University ▲ Ph.D. in economics, Texas A&M University, U.S. ▲ 36th higher civil service exam ▲ Financial Policy Bureau, Ministry of Finance and Economy; Public Fund Oversight Committee ▲ Ministry of Economy and Finance: head of the money market division; head of the economic analysis division; head of the comprehensive policy division; director general for economic policy ▲ Senior economist, World Bank (WB) ▲ Senior administrative officer, senior secretary for economic affairs, Presidential Office ▲ Deputy Minister, Ministry of Economy and Finance ▲ Secretary for economic policy, Presidential Office ▲ Commissioner, Statistics Korea ▲ First Vice Minister, Ministry of Economy and Finance ▲ First vice minister, Ministry of Finance and Economy