After a tumultuous six months, South Koreans might feel a sense of relief as political attention shifts toward economic issues ahead of next month’s presidential election.
The economy is set to take center stage in the June 3 election, particularly after Yoon Sook-Yeol’s controversial decisions, including a martial law declaration that sparked a significant political crisis.
As Asia’s fourth-largest economy, it’s been a notable success story, but it now faces low growth, an aging population, and one of the world’s lowest fertility rates, all further complicated by the repercussions of the tariff war initiated by Donald Trump.
Yoon’s missteps loom large over the current campaign, which officially began this week. The former president, recently ousted after the Constitutional Court dismissed his decisions, is now embroiled in a criminal trial, while his conservative People’s Rights Party (PPP) grapples with internal disagreements about their candidate for the election.
A few days later, the party revealed that former Labour Minister Kim Moon Thor, a staunch conservative, would be their candidate. He is set to compete against Liberal Democrat candidate Lee Jae-myeon, who currently leads in the polls.
After a challenging campaign, Lee, who narrowly lost to Yoon in 2022, expressed gratitude to his supporters for their help in rebuilding following a painful defeat three years prior. “I promise to repay their support with victory,” he told a crowd in Seoul.
Kim aims to distance himself from Yoon’s controversial governance and focus on economic planning, especially amid record youth unemployment and housing crises.
“I believe I need to be the president for the people, for their well-being and the economy,” Kim stated after kicking off his campaign in the capital’s market.
On the other hand, Lee is facing serious criminal charges that could disqualify him from running. His ongoing trial involves allegations of bribery related to a billion-dollar real estate development. Nevertheless, he received a temporary reprieve, as the court decided to delay further hearings until after the election. He denies all allegations.
Kim’s selection underscores the challenges the PPP faces, especially in light of Yoon’s attempts to impose martial law against what he perceived as a “Korean” element in the democratically-controlled parliament.
Amidst all this, Yoon was removed from Congress and replaced by two acting presidents while the Constitutional Court deliberated his fate. He is currently on trial for rebellion—a serious charge in South Korea, although executions have not occurred since 1997. Yoon maintains his innocence.
Initially intended to run for the presidency in early May, Kim faced a setback due to internal party dynamics, but was later reinstated following internal votes for a possible coup.
Even those who support the PPP have voiced disappointment over the party’s readiness for the election. One voter remarked, “The PPP is just a mess. They’re self-destructing. Even if they unify, it’s not enough. They just keep fighting among themselves. Lee Jae-myeon must shine.”
If he wins, Kim plans to negotiate tariffs and seek an immediate summit with Donald Trump to reinforce boundaries against nuclear-armed North Korea. He has pledged to create a more favorable business infrastructure to attract private investment and improve housing assistance for young people and newlyweds.
In a twist, Lee has taken to campaigning in a bulletproof vest after Democrats alleged he received threats related to a conspiracy against him. They claim he was targeted by operatives from past military regimes in South Korea.
Lee was previously attacked at a January 2024 press event and highlighted the unusual safety measures, noting that South Korean society has become so divided that presidential candidates must now campaign in bulletproof vests.
He believes he can spur economic growth through advancements in AI and the popularity of Korean culture, which plays a significant role in exports and tourism, along with introducing tax incentives to encourage higher birth rates.
Despite nuclear tensions and military alliances with Russia, he has committed to resuming dialogue with North Korea.
A recent editorial in the Korean Herald pointed out that Yoon’s turbulence left little room for constructive discussions, urging citizens to “resist partisan instincts.”
The newspaper adds, “The next president will inherit more than just a fractured government. They will have the responsibility to restore trust in institutions, rebuild the economy, and navigate a more unstable global landscape.”
With less than three weeks until the election, one poll shows Kim trailing Lee, 43% to 29%, while another indicates Lee at 49.5%, with Kim at 38.2%.
