Ministry of Finance and Economy

On November 11, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il chaired a virtual meeting with economic and financial attachés. Currently stationed at 18 diplomatic missions across 15 countries, these attachés support Korea’s external economic activities by facilitating cooperation with host governments and international organizations in fiscal, economic and financial affairs, as well as gathering information on major policy developments.     * United States (Washington, D.C. and New York), China (Beijing and Shanghai), Hong Kong, Japan, United Arab Emirates, Indonesia (ASEAN), Vietnam, Thailand, United Kingdom,        France (OECD/Paris), Germany, Belgium, Switzerland, Greece and Russia.   The meeting marked Deputy Prime Minister Lee’s first engagement with the attachés since taking office. It was convened to share updates on economic policy developments in major economies and assess key external economic issues that could affect the Korean economy. Deputy Prime Minister Lee noted that Korea was on the verge of achieving USD 1 trillion in exports for the first time in its history, supported by robust export performance. At the same time, he cautioned about the potential impact on the Korean economy from external risks, including uncertainty surrounding trade policies in major economies, fiscal instability in Europe and geopolitical conflicts. He stressed, “To translate these achievements into sustainable growth, it is essential above all to anticipate changes in the external environment and respond proactively to potential risks.”   In particular, Deputy Prime Minister Lee stressed the need to closely examine how shifts in the U.S. political landscape following the midterm elections could influence the Trump administration’s future policy direction. He called on the attachés to closely monitor related developments and responses by major economies.   He also highlighted the need to carefully assess the potential global spillover effects of France’s fiscal crisis, as well as the implications of prolonged geopolitical conflicts, including the Russia-Ukraine war and the U.S.-Iran war, for global oil prices and global supply chains. He urged the attachés to “closely assess the impact of these external risks on the Korean economy and promptly share information on any emerging risks with headquarters.”   Going forward, the Ministry of Finance and Economy will continue to maintain close communication with its economic and financial attachés, closely monitor economic and policy developments in major economies and geopolitical risks, and proactively respond to external risks to support the sustainable growth of the Korean economy. Please refer to the attached files. 

Statistics Korea released report on the 'Economically active population survey' on 11 November, 2026. The economically active population marked 29.781 million persons in October, which grew 83 thousand persons or 0.3% year-on-year. Please refer to the attached PDF.

On November 6, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il chaired the 276th Ministerial Meeting on International Economic Affairs at the Government Complex Seoul to discuss the impact of the U.S. midterm elections on Korea’s external economic environment and policy responses, as well as developments in global financial markets following the elections.   Deputy Prime Minister Lee noted that the Korean economy has recently achieved record-high performance in its external sector, including exports and the current account balance. However, he emphasized the need to prepare in advance for upcoming changes and challenges to translate these achievements into sustainable growth.   In particular, he stressed the importance of closely examining the potential impact of trends in AI investment and changes in industrial and trade policies in major economies on Korea, given that the recent strong export performance has been driven by expanding global investment in artificial intelligence (AI) and rising semiconductor demand.   He also noted that U.S. stocks fell sharply the previous day amid concerns over tighter regulations on the AI industry following the U.S. midterm elections held on November 3, adding that potential spillover effects on global stock markets could not be ruled out.   Nevertheless, he pointed out that experts expect AI investment to continue. The government will closely monitor global financial market conditions and work with relevant authorities to proactively prepare and implement necessary measures in a timely manner to prevent Korea’s stock market from overreacting despite the country’s strong economic fundamentals.   He further stated that the U.S. is expected to maintain its core policy priorities, including strengthening domestic industries and supply chains, even after the midterm elections. The government, however, plans to proactively assess and respond to potential changes in the conditions for implementing major U.S. policies resulting from the election outcome.   Meanwhile, the government plans to ensure the stable implementation of existing Korea-U.S. trade agreements through close interagency cooperation and strengthen communication with the U.S. administration, Congress and state governments to support favorable conditions for Korean companies’ exports and investment. It will also actively seek opportunities for economic cooperation in strategic industries, including shipbuilding and energy.   Finally, Deputy Prime Minister Lee emphasized that making economic achievements sustainable is just as important as achieving them in the first place. He reaffirmed the government’s commitment to further strengthening the foundations for stable economic growth by proactively responding to changes in the external environment. Please refer to the attached files.