South Korea Way to Polls in Crucial Parliamentary Election Amidst President Yoon Suk Yeol Referendum
Image Source: Citrus County Chronicle
South Koreans headed to the polls in a pivotal national referendum to elect a new parliament, marking a crucial moment in President Yoon Suk Yeol’s tenure. The outcome of this election will significantly impact the extent of Yoon’s power for the remaining three years of his presidency.
Voting took place from 6 a.m. to 6 p.m. on Wednesday, with all 300 seats in the unicameral parliament, known as the National Assembly, up for grabs. Yoon’s conservative People Power Party aimed to flip more than 30 seats to secure a majority currently held by the progressive camp led by the main opposition Democratic Party.
Exit polls released shortly after voting closed provided early indications of the election trends, while final results were expected to be known by Thursday morning. Of the 300 seats, 254 were decided by direct elections in constituencies, with the remaining seats allotted by proportional representation. National Assembly members serve a four-year term.
The most likely outcome was for the Democratic Party-led bloc to maintain its majority, with only minor shifts in the margins that would not significantly alter the status quo. This scenario would result in continued political gridlock for the rest of Yoon’s term, requiring compromise between the two camps on key issues such as the budget.
In such a scenario, the government might have to rely on administrative orders to push through policies like tax incentives and spending cuts, according to a report by Citi Research analysts Kim Jin-Wook and Choi Jiuk.
If the Democratic Party-led bloc secures 200 seats, it would have the power to override any presidential veto and approve impeachment measures, potentially severely limiting or even ending Yoon’s presidency.
Conversely, if the People Power Party-led bloc secures a majority, it aims to reduce regulations on businesses, confront labour unions, and lower taxes for companies and real estate transactions.
The top concerns for voters include addressing inflation, which is eroding their incomes, stabilising housing prices, and bolstering the country’s export-driven yet slowing economy. The prolonged strike by trainee doctors, who are protesting against plans to increase medical school seats, also casts a shadow over the election. Surveys suggest that while the public supports Yoon’s plan to increase the number of doctors, they are growing weary of the ongoing labour dispute.
In the latest major poll before the election, the People Power Party led with 37%, followed by the main opposition Democratic Party at 29%. The Rebuilding Korea Party, a new group likely to align with the progressive Democratic Party, was in third place with 12%, according to a Gallup Korea survey.
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