Ministry of Finance and Economy

On October 15, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il attended the G20 Finance Ministers and Central Bank Governors Meeting and the G7 Finance Ministers and Central Bank Governors Meeting held in Bangkok, Thailand. These were the final in-person finance ministers’ meetings of the year hosted by the U.S. and France, the respective G20 and G7 presidencies for 2026. Alongside finance ministers from major economies, Deputy Prime Minister Lee reviewed the outcomes of discussions over the past year and shared views on future policies.   [❶ Outcomes of the G20 Finance Ministers and Central Bank Governors Meeting]   Deputy Prime Minister Lee identified several key challenges facing the global economy, including supply chain disruption stemming from geopolitical tensions such as the conflict in the Middle East, the need to address high inflation and elevated interest rates, and the importance of identifying new growth engines amid technological advances, including artificial intelligence (AI). Against this backdrop, he called on G20 members to strengthen supply chain resilience, protect vulnerable populations, and actively invest in future growth drives such as AI.   Meanwhile, G20 members took stock of this year’s discussions under the G20 Finance Track, noting that they had focused on key issues including economic growth, global imbalances and debt challenges, financial stability, regulatory reforms, and financial literacy enhancement. Deputy Prime Minister Lee expressed appreciation to the U.S. for its efforts during its G20 presidency and stated that Korea would strive to contribute to stable global economic growth as part of the G20 Troika* alongside the U.S. and the U.K. next year.    * A cooperative framework comprising the previous, current, and incoming G20 presidencies, designed to support the smooth operation of the G20 by ensuring continuity in key agendas and facilitating policy coordination.   [➋ Outcomes of the G7 Finance Ministers and Central Bank Governors Meeting]   Later that evening, on October 15, Deputy Prime Minister attended the G7 Finance Ministers and Central Bank Governors Meeting as an invited guest. For the first time, Korea was invited to participate in two consecutive G7 Finance Ministers’ Meetings, in May and October of the same year. Deputy Prime Minister Lee joined finance ministers and central bank governors from major advanced economies in discussing key issues, including the global economy and global imbalances*.   * A phenomenon in the global economy in which large current account surpluses in certain countries lead to the accumulation of current account deficits in others.   Deputy Prime Minister Lee sincerely thanked France for its leadership and achievements during its G7 presidency this year. He also underscored the need for broad-based efforts, including macroeconomic policy measures and structural reforms, to reduce global imbalances. Addressing major global economic challenges, such as global imbalances, requires not only cooperation within the G7 but also inclusive cooperation through G20 governance, he emphasized.   Deputy Prime Minister Lee also participated in a G7 Finance Ministers’ Meeting side event focused on Africa. Together with finance ministers from G7 member countries and major African economies, he exchanged views on ways to promote balanced growth and strengthen effective international partnerships through official development assistance (ODA), as highlighted in the G7 Leaders’ Declaration issued in June. Deputy Prime Minister Lee emphasized that investment and value creation are key drivers of sustainable growth, as demonstrated by Korea’s economic development experience. He also reaffirmed Korea’s commitment to continued cooperation as a reliable partner for Africa, as exemplified by the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference held in Seoul last month. Please refer to the attached files.   

Statistics Korea released report on the 'Economically active population survey' on 16 October, 2026. The economically active population marked 29.866 million persons in September, which grew 78 thousand persons or 0.3% year-on-year. Please refer to the attached PDF.

On October 15, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il met with Japanese Finance Minister Katayama Satsuki in Bangkok, Thailand. During the meeting, the two ministers agreed to extend the Korea-Japan currency swap arrangement, which is set to expire this year, and discussed ways to further develop bilateral economic and financial cooperation.   Deputy Prime Minister Lee and Finance Minister Katayama shared the view that the foreign exchange (FX) authorities of both countries currently maintain sufficient foreign currency liquidity. Recognizing the importance of the currency swap arrangement as a symbol of financial cooperation and coordination between Korea and Japan, they agreed to extend the existing arrangement at its current size of USD 10 billion. The Korea-Japan currency swap arrangement was signed in December 2023 for a three-year term, with a total amount of USD 10 billion, and was scheduled to expire this year.   In addition, the two ministers agreed to hold the next Korea-Japan Finance Ministerial Dialogue in Korea at the earliest possible date, in line with the agreement reached at the 10th Korea-Japan Finance Ministerial Dialogue held in Tokyo in March. Please refer to the attached files.