South Korea Elects New President Amidst Political Turmoil

South Korea is set to elect a new president after six months of political turmoil, with the election expected to bring an end to the instability. The new president will have to address the country's economy, which is largely export-driven and has been impacted by the US's protectionist and unpredictable measures. Two candidates, liberal Lee Jae-myung and conservative Kim Moon-soo, have both proposed investing in innovation and technology, but with different approaches to economic and social policies. The election is expected to have high turnout, with near one-third of voters casting ballots in an early vote.

South Korea is poised to elect a new president following six months of political turmoil, with the election expected to bring an end to the instability. The new leader will face significant challenges, particularly in addressing the country's economy, which is heavily reliant on exports and has been impacted by the United States' protectionist and unpredictable measures.

The presidential election, scheduled for Tuesday, June 3, 2025, features two main candidates: Lee Jae-myung from the Democratic Party and Kim Moon-soo from the People Power Party. Both candidates have proposed investing in innovation and technology, but their approaches to economic and social policies differ significantly.

Lee Jae-myung, the Democratic Party candidate, has pledged to champion business-friendly policies and focus on investment in research and development and artificial intelligence. He has also promised to address social issues, such as youth unemployment and social inequality, and to prioritize climate change. Lee's stance has shifted from his earlier left-wing ideas, including a universal basic income, to a more pragmatic approach that aims to balance economic growth with social welfare.

Kim Moon-soo, the People Power Party candidate, has emphasized his plan to ease business regulations and hold an immediate summit meeting with U.S. President Donald Trump to discuss tariffs. Kim has also pledged to build up South Korea's military capability to counter North Korea and to strengthen security ties with the United States. His economic policies focus on advancing the capital market and attracting foreign investment.

The election is expected to have high turnout, with near one-third of voters casting ballots in an early vote. Participation in the election is predicted to be at an all-time high, reflecting the political turmoil resulting from the brief imposition of military rule by the previous administration.

The results of the election are expected to emerge either late on Tuesday or in the early hours of Wednesday morning. The outcome could be evident as early as Tuesday night, but enhanced surveillance at polling stations this year may slow down any early announcement of the country's next president.

The new president will face a heavy burden, with pressing issues such as youth unemployment, social inequality, and climate change needing immediate attention. The economic policies of the winning candidate will be crucial in navigating South Korea's path forward in the face of global economic challenges.

References:

[1] https://www.aljazeera.com/news/2025/6/2/south-koreas-presidential-election-aims-to-restore-democratic-credentials
[2] https://www.mk.co.kr/en/economy/11328779