South Korea’s political landscape is undergoing significant changes as key figures position themselves ahead of the upcoming snap presidential election on June 3, 2025. This election follows the impeachment and removal of President Yoon Suk Yeol, who was ousted by the Constitutional Court for declaring martial law in December 2024 amid allegations of election fraud and political obstruction.
Lee Jae-myung’s Resignation and Anticipated Presidential Bid
Lee Jae-myung, the leader of the main opposition Democratic Party, announced his resignation from the party leadership, a move widely interpreted as a precursor to his presidential candidacy. Addressing a party leadership meeting, Lee stated, “I will be now starting new work,” without explicitly confirming his intention to run for president.
Lee, 61, previously served as the governor of Gyeonggi Province and narrowly lost to Yoon in the 2022 presidential election. Under his leadership, the Democratic Party secured a significant parliamentary victory in 2024. Despite his popularity, Lee faces multiple legal challenges, including corruption-related trials, though a prior conviction was recently overturned pending Supreme Court review.
Ruling Party Developments
In the ruling People Power Party (PPP), Labour Minister Kim Moon-soo has declared his candidacy for the presidency, emerging as a leading conservative contender. Kim has expressed intentions to strengthen U.S. security ties and explore nuclear armament in response to North Korea’s threats. However, he currently lags behind Lee in opinion polls.
Upcoming Election Amidst Economic and Political Challenges
The snap election is set against a backdrop of heightened political tensions and economic challenges. The impeachment of President Yoon has left South Korea without stable leadership for nearly four months, complicating responses to major issues, particularly U.S. President Donald Trump’s newly announced 25% reciprocal tariffs on Korean exports. These tariffs pose a significant threat to South Korea’s export-reliant economy, already weakened by recent natural disasters and ongoing political instability.
Contenders from both major parties are focusing their campaigns on economic recovery and addressing livelihood issues. The finance ministry has proposed a supplementary budget of 10 trillion won to mitigate the impact of tariffs and recent wildfire damage. Analysts believe that the new leadership will need to address U.S. trade tensions more directly while managing internal political divisions and economic recovery.
Legal Challenges Facing Candidates
Both leading candidates face legal challenges that could impact their campaigns. Lee Jae-myung is involved in multiple corruption-related trials, though a prior conviction was recently overturned pending Supreme Court review. Meanwhile, former President Yoon is on trial for insurrection, with proceedings starting April 14.
Conclusion
As South Korea prepares for the snap presidential election, the political scene is marked by significant shifts and challenges. Lee Jae-myung’s resignation as Democratic Party leader sets the stage for his anticipated presidential bid, while the ruling party sees new contenders emerging. The election will be pivotal in determining the country’s direction amidst economic pressures and political instability
