Kim Dong-yeon and Jang Ha-sung were at loggerheads over how to fix the economy. Both have now been replaced
South Korean President Moon Jae-in sacked his top two economic officials on Friday as the world’s 11th-largest economy struggles with slowing growth, rising unemployment and persistent income gaps.
Finance minister Kim Dong-yeon and presidential chief of staff for policy Jang Ha-sung have both been replaced, top Blue House spokesman Yoon Young-chan said in a televised statement.
The two had reportedly been at odds with each other over how to address the situation.
Moon’s global profile has been dominated by his role in the rapid diplomatic rapprochement with nuclear-armed North Korea, but at home his handling of the economy has become increasingly controversial, contributing to falling poll ratings.
His administration has steeply raised South Korea’s minimum wages, cut working hours and converted temporary staff to permanent in a series of redistributive moves it says will lead to what it calls “income-led growth”.
