Lee Hye‑hoon, nominee to lead the newly created Ministry of Planning and Budget, warned that South Korea’s economy is facing a grave situation, likening current conditions to a “perfect storm.”

Speaking to reporters as she arrived for work in central Seoul on Monday, Lee said she feels a heavy sense of responsibility at being chosen to head the new ministry at such a critical time.

She said the economy is confronting a structural and complex crisis that is eroding the nation's growth potential.

In the short term, Lee described the situation as a “perfect storm,” citing the dual burden of high inflation and a weak Korean won that is weighing on people’s livelihoods.

Looking further ahead, she said the country faces a “gray rhino” scenario, pointing to climate change, demographic decline, widening polarization, sweeping industrial and technological shifts and regional depopulation as major risks.

The nominee stressed the need for strategic, long‑term planning beyond short‑term responses, saying this was the rationale for establishing the new ministry as a control tower for shaping South Korea’s future.