Minister of Strategy and Finance Choi Kyung-hwan is spurring the government's efforts to complete its three-year economic innovation plan and campaign to reform the public, labor, financial and education sectors.
 
In his ministry’s ceremony to mark the beginning of the New Year on Monday, the outgoing deputy prime minister for economic affairs prioritized the reform drive at the top of this year's agenda, saying that any delay in the reform efforts would translate to a trigger of a crisis.

He said swiftly carrying out reforms would mean a key to prosperity, adding that concerted efforts were crucial to put the nation’s economy back on track and to be fruitful from the government’s three-year economic innovation plan.
 
The outgoing minister asked the finance ministry to take the lead in completing the government’s reform drive, noting that the three-year plan goes into its final year in 2016.
 
He stressed the need to quickly pass the five bills on labor reform and complete reform in the four other sectors.
 
The minister warned that the South Korean economy could go awry in an instant if it fails to address global economic uncertainties, such as low oil prices, additional rate hikes in the United States and an economic slowdown. He also cautioned against other economic woes, including sluggish international demand, dull exports caused by narrowing technological gaps with emerging countries as well as corporate and household debts.
 
With Yoo Il-ho named the next finance minister, Choi will return to the ruling Saenuri Party in the near future.