South Korea heads to the polls on June 3 in a high-stakes presidential election triggered by the dramatic impeachment of President Yoon Suk Yeol in April.
South Korea's Snap Presidential Election: A Nation At The Crossroads
These elections are a test of South Korea’s fragile democracy. The elections are about democracy versus military-backed government. People are determined to protect their hard-earned freedom that came with the 1987 pro-democracy movement. The fact that once again an elected president tried to bring back martial law to country came as a shock to citizens. South Korea has gone through a period of instability since President Yoon Suk Yeo imposed martial law and revoked it within hours.
The vote comes at a time of acute political crisis, economic strain, and shifting global alliances—factors that will weigh heavily on the nation’s choice of leadership.
The Main Contenders
Lee Jae-myung
A reformist and former governor of Gyeonggi Province, Democratic Party’s Lee is leading in most polls. Despite being entangled in ongoing legal cases, he has gained traction with promises of economic relief for working-class families, judicial reform, and de-escalation of tensions with North Korea. His campaign has centered on rebuilding democratic institutions damaged under Yoon’s tenure.
Kim Moon-soo
A conservative stalwart and former labour activist, People Power Party’s Kim is campaigning on strengthening national security, reducing business regulations, and aligning closely with US foreign policy. However, he has struggled to overcome his ties to the Yoon administration and its increasingly authoritarian image.
Other candidates include Lee Jun-seok (Reform Party), Kwon Yeong-guk (Democratic Labor Party), and independent businessman Song Jin-ho, though they remain far behind in voter support.
Political And Economic Turmoil
The election was prompted by President Yoon's controversial move to impose martial law during anti-government protests in late 2024, which was deemed unconstitutional and led to his ouster by the National Assembly in early 2025. The fallout has fractured the ruling coalition and left the public demanding accountability, transparency, and economic relief.
On the economic front, the nation is grappling with slowing growth. Confidence in the markets has been shaken, consumer spending has dipped, and the Korean won has depreciated by over 8% since January. The central bank recently revised South Korea’s GDP growth forecast to 1.6% for 2025, down from an earlier 2.3%.
US Tariffs: A Looming Threat
Adding to South Korea’s woes is a new round of U.S. tariffs announced in late May. The US administration, under pressure from domestic industry groups, imposed a 35% tariff on imported electric vehicle (EV) components and semiconductors—two of South Korea’s top export categories.
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This decision is expected to hit South Korean giants like Samsung, SK Hynix, and Hyundai hard. Analysts warn it could cost the country over $10 billion in lost exports this year alone and worsen the ongoing supply chain.
The election is not just a political contest but a referendum on the direction South Korea wishes to take. It reflects the nation's desire for democratic restoration, economic stability, and a balanced approach to inter-Korean relations. As voters head to the polls, the outcome will shape the future trajectory of the country.
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