A shakeup among President Moon Jae-in's top economic policymakers.
President Moon on Friday replaced both his finance minister, Kim Dong-yeon, and the presidential policy chief, Jang Ha-sung.
Kim, who doubles as Deputy Prime Minister, was replaced by Hong Nam-ki, who is currently head of the government policy coordination office and has a strong economic background as a bureaucrat.
And the policy chief, Jang, was replaced by Kim Soo-hyun, a presidential aide for social policy and an architect of the administration's income-led growth policy.
"Right now, the economy needs a boost. And by enacting innovative and bold economic policies, the new finance minister will be able to help the people and their livelihoods. He will continue to enact the the administration's policies of income-led, innovative growth and a fair economy as he works to turn around the current low growth."
The government is sticking with the President's push to build an "inclusive nation" working as "one economic team."
Such a high-profile sacking was no surprise amid growing criticism that President Moon's flagship policies like the minimum wage hike and the shorter work week have backfired,… with low-income earners feeling the pinch the most as employers cut back on hiring.
And one negative report after another on major indicators like consumption, production, investment and jobs,… which has caused growth forecasts to be slashed.
On top of that, there were consistent reports of discord between the two top economic officials over key policies leading to Friday's replacement.
"With the replacement of these officials, the presidential office is hoping to realize some results in the second half of the Moon administration and save the economy from the hazy prospects slammed by both local and foreign factors that had keeping Asia's fourth largest economy in the doldrums.
Shin Se-min, Arirang News."