Ministry of Finance and Economy

On the sidelines of the G20 Finance Ministers and Central Bank Governors meeting, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il held introductory bilateral meetings with finance ministers from major economies, including Japan, the United Kingdom, Australia, Germany, and Singapore, as well as the President of the Asian Development Bank (ADB).   Deputy Prime Minister Lee first met with Australian Treasurer Jim Chalmers in the morning. He expressed his deep appreciation for the teamwork demonstrated by the two countries in serving as co-chairs of the G20 Study Group on Global Imbalances this year. Building on this experience, he expressed hope that the two countries would continue to work closely together in multilateral forums. In particular, he once again thanked Australia for its cooperation in securing supplies of urea solution during Korea’s supply shortage in November 2021, when he was serving as Secretary for Economic Policy at the Office of the President. He reaffirmed that Korea and Australia are important partners in supply chain cooperation, particularly in energy and critical minerals.   Deputy Prime Minister Lee then held a brief pull-aside meeting with Germany’s Vice Chancellor and Federal Minister of Finance, Lars Klingbeil. The German side noted that the two countries are key partners across various areas, including manufacturing, supply chains for critical minerals, and digital technologies. In particular, Germany highlighted the growing importance of physical AI in traditional industries where it has strengths, such as automobiles, chemicals, and pharmaceuticals, and expressed hope for closer cooperation with Korea, which is highly competitive in high-tech industries. Deputy Prime Minister Lee introduced Korea’s recently announced major AI investment initiatives, including three mega-projects, and showed keen interest in the economic situation in Germany and other European countries.   During his meeting with UK Chancellor of the Exchequer John Healey, the Korean side voiced its strong support for the UK’s plans for the G20 Finance Track under its 2027 presidency. Recognizing the importance of strengthening economic resilience, including youth employment, it also expressed a desire for closer cooperation between the two countries’ finance authorities. Chancellor Healey congratulated Deputy Prime Minister Lee on assuming his new responsibilities and offered his sincere support for Lee’s future endeavors. He also noted that, as Korea and the UK would hold successive G20 presidencies, he looked forward to close coordination between the two countries through the G20 Troika in addressing global challenges. Deputy Prime Minister Lee also met with Singapore’s Second Minister for Finance Indranee Thurai Rajah, representing Singapore as a guest country at this year’s G20 meetings, to discuss bilateral and multilateral cooperation. As the two countries are scheduled to co-chair the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting next year, both sides agreed to work closely together to bolster regional financial cooperation. Regarding Korea’s planned strategic sovereign wealth fund, Deputy Prime Minister Lee proposed sharing Singapore’s experience and expertise in operating Temasek Holdings and further enhancing cooperation in this area. Minister Rajah welcomed the proposal.   Lastly, Deputy Prime Minister Lee met with ADB President Masato Kanda. The two sides discussed follow-up measures to advance cooperation in key areas, including artificial intelligence (AI), critical minerals, and nuclear power, which had been discussed during President Kanda’s visit to Korea and meeting with the President of Republic of Korea on September 14. Deputy Prime Minister Lee requested that the ADB play an active role in translating the outcomes of summit-level diplomacy into concrete cooperation projects. He also sought the ADB’s continued attention and support for expanding employment opportunities for highly qualified Korean professionals at the institution. Please refer to the attached files.

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.