The liberal opposition in South Korea has secured a significant win in the parliamentary election, according to Thursday`s vote counts. The outcome deals a heavy blow to President Yoon Suk Yeol and his conservative party, falling just short of a supermajority.
The Democratic Party (DP) is projected to secure 175 seats out of the 300 in the new assembly, as per data from the National Election Commission and network broadcasters, with all votes tallied. Additionally, a splinter liberal party, considered allied with the DP, is expected to gain 12 seats, leaving the bloc shy of the 200 seats required for a super-majority. The People Power Party (PPP) led by Yoon is poised to win 108 seats. Official results are expected later on Thursday.
DP leader Lee Jae-myung, who spearheaded a spirited campaign against Yoon, emphasized the immediate need to focus on fostering an economic recovery that directly impacts everyday citizens. "The ruling and opposition parties must join forces to overcome the crisis in consumers` economic livelihood," he stated.
The fiercely contested election was viewed by analysts as a verdict on Yoon`s leadership, which has faced challenges amidst economic strains and political controversies. While Yoon was not up for election this time, his ability to enact legislative measures may face further obstacles due to the PPP`s underperformance.
Acknowledging the election outcome, Yoon`s chief of staff stated that Yoon has accepted the results humbly and vowed to revitalize his administration. Prime Minister Han Duck-soo and other senior aides have reportedly offered their resignations following the defeat, according to Yonhap news.
Political observers view the election as a referendum on the government`s economic policies, indicating discontent among voters. The opposition`s near 190-seat majority signals ongoing challenges in legislative matters, budget approvals, and state governance, according to political science professor Lee Jun-han of Incheon National University.
Analyst Kim Young-hwan of NH Investment & Securities noted subdued expectations for Yoon`s initiatives to enhance corporate stock value, as the DP is expected to oppose tax cuts for corporations and wealthy investors, impacting sectors like finance and automotive industries.
