In Seoul, South Korea, political dynamics are shifting following the impeachment of former President Yoon Suk Yeol. Lee Jae-myung, a prominent opposition figure and former presidential candidate, has officially declared his intention to run in the upcoming by-election. Lee, who had previously lost to Yoon in the 2022 election, is now leading efforts within the liberal Democratic Party to capture the presidency, especially after successfully spearheading the movement to impeach Yoon over concerns about martial law.
Lee recently resigned from his position as the Democratic Party’s chairman to devote his efforts to the electoral campaign, scheduled for June 3. As the frontrunner in the party primary, he is confident in acquiring the nomination. Alongside him, Kim Dong-yeon, the governor of Gyeonggi province and an experienced financial policymaker, has also signaled his interest in running, adding another competitive element to the race.
Meanwhile, the conservative People Power Party (PPP) finds itself in turmoil after Yoon’s exit. About ten political figures are expected to vie for the party’s nomination amidst an internal conflict between Yoon’s loyalists and reformists advocating for change. This division reflects a broader struggle within the party to redefine its trajectory.
In a compelling video address, Lee articulated his vision to bridge South Korea’s societal divides, notably exacerbated by economic inequality. He proposes substantial government expenditure to drive economic growth and mitigate income disparity. “We possess more wealth than before, yet it remains too concentrated,” Lee stated, emphasizing the need for government initiatives in technological research and development alongside strategic talent cultivation to revitalize the economy.
Lee underscores the importance of maintaining strong ties with the United States and fostering trilateral cooperation with Japan, though he emphasizes prioritizing South Korea’s own national interests. Known for his direct approach and anti-elitist stance, Lee is both celebrated for his boldness and criticized by opponents who accuse him of populism and lack of concrete funding strategies.
Kweon Seong-dong, a PPP leader and Yoon supporter, warns that Lee’s presidency would exacerbate national divisions, wielding power with a “sword of dogmatism and retribution.” Amidst these developments, Lee faces legal challenges with five ongoing trials for alleged corruption and other offenses.
Earlier this month, the Constitutional Court fortified the impeachment decision, leading to a presidential by-election within 60 days. The elected president will serve a standard five-year term. On the conservative front, former PPP leader Han Dong-hoon has announced his candidacy, positioning himself against martial law and appealing to centrists to prevent what he describes as a populist administration under Lee. Among rivals within the party, Kim Moon Soo emerges as a Yoon advocate, while Daegu Mayor Hong Joon-pyo and Seoul Mayor Oh Se-hoon — who has yet to announce his bid — add to the diverse slate of conservative candidates. Senior lawmaker Ahn Cheol-soo is also in the running, known for his background in the tech industry and his third-place finish in the 2017 presidential contest.