The average tenure of South Korea's finance ministers has turned out to be a mere 13 months over the past 13 years, government data showed Sunday, raising questions about the consistency of the government's economic policies.
The data analyzed by Yonhap News showed that the average term in office of economy-related ministers was slightly longer than one year amid rising concerns over a lack of long-term economic policies.
Finance Minister Yoo Il-ho (R) speaks at a ministerial meeting in Seoul on Nov. 10, 2016, while Financial Services Commission Chairman Yim Jong-yong (L) listens. (Yonhap)
There were 121 officials who served as the heads of six economy-related government ministries and agencies, including the finance ministry, the trade and commerce ministry, the agricultural ministry and the financial regulatory commission, since the 1993-1998 Kim Yong-sam administration, excluding the incumbent ministers, according to the data.
Their term in office averaged 416 days, or one year and two months, over the 13-year period.
The Ministry of Oceans and Fisheries saw its chief step down after an average 280 days, while the post of finance minister, who is the leader of the government's six-member economic team as deputy prime minister in economic affairs, was changed every 397 days on average.
Trade ministers were in office for an average 417 days, followed by ministers of transportation and rural affairs with 420 days and 477 days, respectively.
The chairman of the Financial Services Commission, the top financial regulatory body, had the longest term with 619 days, or one year and eight months.
Current FSC Chairman Yim Jong-yong was designated as new finance minister earlier this month to replace Finance Minister Yoo Il-ho, who took office in January.
Experts said that such short-lived ministers, especially the finance minister, have failed to deal with economic crises in effective ways and map out consistent economic policies with a longer point of view.
"The term in office of government ministers is very short in South Korea as they step down from the post to take responsibility for accidents or scandals," said professor Kim Tae Yoon from Hanyang University. "It is necessary to let the policymakers serve their term safely and do their work." (Yonhap)
