Conservative South Korean opposition candidate Yoon Suk-yeol won a tight presidential election on a wave of frustration over economic policy, scandals, and gender wars, altering the political future of Asia’s fourth-largest economy. Yoon Suk-yeol has become the president of South Korea.
His triumph in Wednesday’s bruising election is a stunning turnaround for the dominant conservative party, now known as the People Power Party. It has regrouped since President Park Geun-Hye’s -impeachment and removal in 2017.
Yoon is a former prosecutor-general involved in Park’s case who had a falling out with outgoing President Moon Jae-in after being appointed by him. He has become well-known for his probes against top presidential advisers.
“The people put me here with hope in my conviction that I have not yielded to any power for fairness and justice for 26 years,” Yoon said in a speech of his career as a prosecutor.
“Reset”
Yoon has promised to fight corruption, promote justice, and level the playing field in the economy, all while pursuing a “reset” with China and a stronger posture against reclusive North Korea. North Korea has conducted a record number of missile launches in recent months.
He must unite a country of 52 million people torn apart by gender and generational differences. He must also work to lower the rising inequality and skyrocketing housing prices.
“Real estate prices, housing policy, jobs, and tax policies will top his domestic agenda,” according to Duyeon Kim of the Center for a New American Security in Seoul.
Yoon will have to rebuild public trust in Korea’s institutions. He is likely to do so by carrying out a campaign promise to investigate Moon’s administration for corruption, she says.
Official results indicated Yoon, 61, beat out the ruling center-left Democratic Party’s Lee Jae-Myung to replace Moon. His single five-year term ends in May.
Liability and Asset
Yoon’s lack of elected political experience was both viewed as a liability and an asset.
While his campaign was marred by gaffes and controversy, the election turned into a referendum on Moon’s economic policies. It included everything from jobs to housing to wealth disparity.
Yoon has to speed up deregulation in South Korea’s capital markets. Also, the benchmark KOSPI gained more than 2%, the greatest daily advance in at least three months.
Lee’s loss casts doubt on Moon’s legacy, particularly his signature efforts to engage North Korea. They have been mostly on hold since talks broke down in 2019.
Pyongyang appears to be ready to launch a spy satellite. Pyongyang has signaled it may restart testing of long-range intercontinental ballistic missiles or nuclear weapons for the first time since 2017. The new president will almost certainly confront an almost immediate crisis with Pyongyang.
In the face of heightened missile activity by North Korea and competition from China, South Korea’s major commercial partner, Yoon has pledged to strengthen ties with the US, the country’s lone treaty ally.
The White House congratulated Yoon, the new president of South Korea. It also stated that Biden looked forward to working closely with him to strengthen the economy.
Yoon and Biden spoke via phone on Thursday, according to the White House.
“We can expect the alliance to run more smoothly and be in sync for the most part on North Korea, China, and regional and global issues,” said Kim from the Center for a New American Security.
Fumio Kishida, Japan’s prime minister, congratulated Yoon on his victory. He also expressed his desire to work closely with him to repair the country’s strained ties with its neighbor. It dates back to Japan’s 1910-1945 colonization of Korea.
National unity
There was a new record number of new COVID-19 cases this week. Despite that, more than 77 percent of South Korea’s 44 million eligible voters cast ballots to elect their next leader.
The new president of South Korea stated that he will collaborate with opposing parties to mend polarized politics and promote harmony.
“Our competition is over for now,” he stated in a victory speech, thanking and consoling Lee and his competitors. “We have to join hands and unite into one for the people and the country.”
Yoon declared at a separate ceremony with supporters that “national unity” will be his main concern. Everyone should be treated equally despite their geographical, political, or financial disparities.
Lee complimented his opponent after admitting defeat.
“I did my best, but failed to live up to your expectations,” he told a news conference, blaming his “shortcomings”.