Lee Jae-myung's Historic Win: What Challenges Await South Korea's New President?
A New Era for South Korea
The citizens of South Korea have demonstrated their commitment to democracy by decisively electing Lee Jae-myung from the Democratic Party of Korea (DPK) as their new president. Lee secured 49.42% of the votes with an impressive voter turnout of 79.38%. This victory provides him with a strong mandate and a firm grip on the National Assembly, marking the end of a tumultuous period that followed a six-month political crisis triggered by former President Yoon Suk Yeol's controversial martial law and subsequent impeachment.
Lee's win is particularly significant as it represents a remarkable political resurgence for him, having narrowly lost the previous election by just 0.7% to the now-disgraced Yoon. Despite facing multiple legal challenges that once threatened his candidacy, a favorable ruling from the Constitutional Court in March cleared the way for his election. His return to power signals a revival of progressive politics in South Korea, which last held sway in 2022.
However, Lee's presidency comes with formidable challenges. He must navigate a complex landscape of domestic and international issues. His background is compelling; he rose from humble beginnings in a slum south of Seoul, dropped out of middle school to work in factories, and spent two decades as a human rights lawyer and labor activist before entering politics in 2005. This journey gives him a unique perspective on the struggles faced by ordinary citizens.
Lee's presidency is poised to be one of the most challenging since Kim Dae-jung's tenure during the 1997 financial crisis. Unlike previous recoveries that benefited from external factors, such as China's economic boom or the semiconductor export surge, Lee now confronts a host of pressing issues, including the ongoing conflicts in Ukraine and Gaza, US tariffs, and the evolving dynamics with North Korea and Russia.
The Bank of Korea has recently downgraded its growth forecast for 2025 from 1.5% to 0.8%, reflecting the adverse effects of the global trade war between the US and China on South Korea's export-driven economy. Exports have already seen a decline, with a 1.3% drop in total global exports and a 4.4% decrease in car exports last month. Exports to the US and China have been particularly hard hit, each falling by approximately 8%.
The interim government prior to Lee's administration failed to address the challenges posed by various tariffs imposed during the Trump administration, including significant auto tariffs and import duties. With a critical deadline approaching for tariff negotiations, Lee's early presidency will be defined by his ability to engage with US President Donald Trump on these pressing issues. While he aims to strengthen South Korea's alliance with the US, he has also expressed a willingness to improve relations with Japan and China, which may complicate his diplomatic balancing act.
In summary, Lee Jae-myung's presidency is set against a backdrop of significant challenges, both domestically and internationally, as he seeks to guide South Korea through turbulent times.