Legal Basis for Establishment and Functions

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The National Economic Advisory Council (NEAC) is an organization established under the Constitution, to provide policy advice to the President of Korea on matters concerning the national economy.

Legal Basis for Establishment

The Constitution & the National Economic Advisory Act

Clause 1, Article 93 of the Constitution

A National Economic Advisory Council may be established to serve the President’s need for advice on the establishment of important policies for the development of the national economy.

National Economic Advisory Council Act (enacted on August 31, 1999)

Stipulates the establishment, composition, work scope, and other basic requirements of the National Economic Advisory Council.

Functions of NEAC

Policy recommendations to the President of Korea (Article 2 of the National Economic Advisory Act)

  • Establish strategies and major policy directions for the development of the national economy.
  • Establish policies and improve institutions for the enhancement and balanced development of the public welfare system.
  • Establish policy responses to major domestic and international issues that could potentially affect the national economy.
  • Address other issues related to the development of the national economy.
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