On May 12, 2025, South Korea officially launched its presidential campaigns ahead of the snap election scheduled for June 3. This election follows the impeachment and removal of President Yoon Suk Yeol, who was ousted over a controversial martial law order that plunged the country into a political crisis.
The two main contenders are liberal frontrunner Lee Jae-myung of the Democratic Party and conservative rival Kim Moon-soo. Lee, who narrowly lost the previous presidential election to Yoon, has gained significant support after surviving a knife attack and standing up against the martial law order. He is currently facing ongoing trials on charges including bribery related to a $1-billion property development, which he contests.
Lee’s campaign focuses on unifying a deeply polarized society and revitalizing the struggling economy, with promises to invest in artificial intelligence and the K-pop industry. He also advocates for improved relations with North Korea and Europe.
Kim Moon-soo, representing the conservative People Power Party, emphasizes a business-friendly agenda aimed at rejuvenating small businesses and strengthening the alliance with the United States. He has proposed immediate talks with former President Trump on trade tariffs and supports South Korea’s right to reprocess nuclear fuel, signaling a potential pursuit of nuclear capabilities.
The election campaigns are unfolding against a backdrop of economic challenges, including global trade tensions and domestic political instability. The Bank of Korea has indicated that currency volatility, particularly concerning the Korean won’s exchange rate against the U.S. dollar, is expected to persist. This economic uncertainty adds urgency to the candidates’ pledges to address the nation’s financial woes.
As the election date approaches, both candidates face the task of bridging societal divisions and presenting viable solutions to South Korea’s economic difficulties. The outcome will significantly influence the country’s direction in both domestic and international affairs.
Source: Reuters
