Seoul: The nominee for the new minister of planning and budget said Monday the country's economy is facing a perfect storm, pledging bold budgetary measures to support people's livelihoods that she said will include "bold" government investments. Lee Hye-hoon made the remarks while heading to her office to prepare for her parliamentary confirmation hearing.

According to Yonhap News Agency, Lee stated that the economy is confronting a structural and complex crisis that is eroding growth potential, and in the short term, the country is in a perfect storm. She highlighted structural challenges such as the demographic crisis, climate change, widening inequality, rapid transformation in industry and technology, and regional population decline.

Lee emphasized the government's intention to eliminate unnecessary spending while making bold investments to support people's livelihoods and promote economic growth. She pointed out that high prices and a strong U.S. dollar are significant factors affecting households.

Moreover, Lee outlined a vision to transform the ministry into an institution that turns taxpayers' money into future investments, enriching people's lives. As a former three-term lawmaker from the conservative camp, she was appointed by President Lee Jae Myung to lead the new Ministry of Planning and Budget, which will be established under the prime minister's office as part of a government reorganization bill set to take effect in January.