Korean Perspective on the G-20 Summit

Il SaKong, Institute for Global Economics

Peterson Institute for International Economics, Washington, DC

November 17, 2008

Dr. Il SaKong, special economic advisor to South Korean President Lee Myung-bak, spoke at an Institute meeting on November 17, 2008. Dr. SaKong, who accompanied President Lee to the G-20 summit held in Washington on November 14–15, provided an insider's view on the outcome of the summit from the emerging market perspective. He also discussed future plans of the G-20, the impact of the current financial crisis on Korea, and the results of its policy responses to date. Korea will host the G-20 beginning in 2010.

In addition to his role as special economic advisor, Dr. SaKong is chairman of President Lee's National Competitiveness Council. The Council is a permanent organization in the President's Office that holds monthly meetings with the President to address major regulatory reforms, privatization, public sector structural adjustments and other key policy issues.

Dr. SaKong was formerly minister of finance (1987–88) and senior secretary to the president for economic affairs (1983–87). Since that time, he has been chairman and CEO of the Institute for Global Economics in Seoul and Korea's ambassador for international economy and trade. During 1991–92, he was a visiting fellow at the Institute and authored the study Korea in the World Economy (Institute for International Economics, 1993).

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