“The Importance of Delivering and Persuading Stakeholders on Economic Policies, According to Senior Officials”

Senior economic officials urged on the 21st that the process of ‘persuading’ policy consumers, rather than one-sided push, is important as social conflicts and conflicts of interest have become sharper on the government’s economic policy implementation method. The Ministry of Strategy and Finance and the Korea Development Institute (KDI) are about to celebrate the 60th anniversary of the establishment of the 5-year economic development plan (on the 25th). Ministry of Strategy and Finance YouTube (youtu.be/m6KL0NkGkv0)In the transcript of the commemorative interview video (93 minutes long) with 31 former economic officials released on the same day, former Deputy Prime Minister and Minister of Finance and Economy Jin Nyeom said, “It is impossible to succeed in announcing and promoting policies unilaterally. Even if it is a policy, if the delivery (delivery) is not done properly, the policy will fail,” he emphasized. He is a professional bureaucrat who has served as ministers of the Ministry of Planning and Budget and the Ministry of Finance and Economy (currently the Ministry of Strategy and Finance). Former Deputy Prime Minister Jin said, “Now is the time when tactics and strategies for ‘how to do this’ are very urgent rather than ‘what to do’. Administrative skills that open the way for exchange and allow the government to actively persuade interest groups are very important,” he said. Economists say that the president’s decision and word have many implications for the current administration, where key policy directions are determined. Former Deputy Prime Minister Yoo Il-ho also said, “Our seniors and many people say that the economy will perish if it is swayed by political logic (populism, etc., conscious of votes).” That era has already passed.”

Yoo Il-ho, former Deputy Prime Minister and Minister of Strategy and Finance (Ministry of Strategy and Finance YouTube). Provided by the Ministry of Strategy and Finance

Song Hee-yeon, former president of the Korea Development Institute (KDI), advised that a so-called ‘consensus building’ is needed. This means that economic policies must go through the process of forming a public consensus, just as teammates do a ‘build-up’ in soccer, in which teammates connect the ball and move from one camp to the other. Reporter Park Jong-oh pjo2@hani.co.kr