On the 9th, President Lee Jae Myung will preside over the first plenary session of the National Economic Advisory Council, the presidential economic advisory body. The meeting is scheduled to discuss ways to overcome the crisis facing the Korean economy due to the war in the Middle East.

At 10 a.m. that day at Cheong Wa Dae, President Lee will hold the first economic advisory meeting to discuss response measures to the economic crisis stemming from the situation in the Middle East, as well as ways to improve the structure of the Korean economy and seek sustained growth.

The advisory council is a presidential body established under the Constitution. President Lee serves as chair, and former National Assembly member Kim Sung-sik is vice chair.

Those attending will include President Lee and Vice Chair Kim; 29 private-sector advisory members; nine ministers from relevant ministries, including Koo Yoon-cheol, Deputy Prime Minister and Minister of Finance and Economy, and Park Hong-geun, Minister of Planning and Budget; and the Cheong Wa Dae Policy Chief and Senior Secretary for Economic Growth, for a total of just over 50 participants.

Vice Chair Kim will report on ‘Diagnosis and Priority Tasks for the Korean Economy in an Era of Great Transition’, Park Won-joo, head of the Strategic Economic Cooperation Subcommittee, will present on ‘Emergency Economic Conditions Triggered by the Middle East and Strategies to Overcome the Crisis’, and Ryu Geun-gwan, head of the Growth Economy Subcommittee, will present on ‘Structural Transformation of the Korean Economy and Society and Strategies for Sustained Growth’. The entire meeting will be broadcast live on KTV and YouTube.

Cheong Wa Dae stated, “By gathering opinions at this meeting, we plan to formulate and implement policies to overcome the current compound emergency and to ensure the sustained growth of our economy”.

Before the meeting, at 9:30 a.m., President Lee is scheduled to present a letter of appointment to Kim Sung-sik, vice chair of the Economic Advisory Council.