While the presidential campaign remains a focus in the United States, this was a big week for elections of a different kind in South Korea. Voters cast ballots for the national legislature—and the results surprised a lot of observers. HPR’s Bill Dorman has details in today’s Asia Minute.
Congress is gridlocked, and time is running out on the president’s term. Sounds like the United States, but now it’s also true in South Korea. President Park Geun-hye still has more than a year and a half left in office…but her legislative outlook just became a lot more challenging.
Her ruling conservative Saenuri Party had held a slight majority in the national legislature and was leading in the polls ahead of Wednesday’s election. But that political advantage dissolved as votes were counted late Wednesday night and it became clear the party would lose its majority. Exit polling showed dissatisfaction about the economy—growth has slowed and household debt has climbed to a record high. So has youth unemployment—at 12.5%.
The main opposition Minjoo Party wants to raise the minimum wage and raise pension payments…while President Park has been pushing labor market reforms that would make it easier for companies to lay off workers. South Korea’s presidents are term-limited—one five-year administration…. but the legislative elections add a new wrinkle to the presidential contest coming at the end of 2017. A new center-left party now has some seats in the legislature—adding a potential platform for the emergence of an additional presidential candidate next year.
