Hong Nam-Ki: Time will tell if his plan for South Korea works

South Korea's Hong Nam-Ki takes the eighth place in FinanceAsia's annual Asia-Pacific finance minister rankings, but he has got time to turn things around.

South Korea’s new finance minister, Hong Nam-Ki, faces a challenge that is different from those faced by most of his predecessors overseeing a radical overhaul of the economy.  

With President Moon Jae-In intent on addressing long-standing national problems such as income inequality, high unemployment, and the dominance of large conglomerates, Asia’s fourth-largest economy has been set on the road to change.

The new economic direction, which Moon believes will lead to innovative and income-driven growth, stands in stark contrast to the country’s export-led growth of recent decades that was spearheaded by the chaebols like Samsung, Hyundai, SK and LG.

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