The National Economic Advisory Council (NEAC) was established under the Constitution as a policy advisory body, reporting directly to the President of Korea on matters concerning the national economy.
A National Economic Advisory Council may be established to advise the President on the formulation of important policies for developing the national economy.
The NEAC Act stipulates the establishment, composition, scope of duties, and other necessary matters regarding the NEAC.
NEAC complies with the President’s requests for advice on major economic policies by performing the following functions:
- Establishing policies and organizing strategies to promote the prosperity of the national economy;
- Improving systems and establishing policies for the enhancement of national welfare and balanced development of the economy;
- Direction-setting for policy responses on major domestic and international issues facing the national economy;
- Addressing other issues in national economic development.