In a landmark election, Lee Jae-myung secured the presidency of South Korea, marking a pivotal shift in the nation’s political landscape. The election saw record voter turnout, with Lee, a former labor activist and left-leaning candidate, capturing 49.4% of the vote. This victory ended a three-year conservative administration led by the People Power Party’s Kim Moon-soo, who conceded defeat gracefully.
As the newly elected 21st president, Lee has outlined ambitious plans to stimulate the economy, including a 35 trillion won ($25.4 billion) economic stimulus package, increasing housing supply, and balancing diplomatic ties with both Washington and Beijing. His inauguration ceremony at the National Assembly marked the official start of his term.
Financial markets responded positively to Lee’s victory, with the Kospi index rising by 1.5% and the won strengthening by 0.3% against the dollar. Experts like Lee Kyoung-Min of Daishin Securities predict the Kospi could reach 2,800 points by the third quarter. However, challenges remain, including navigating trade and military relations with the Trump administration and stabilizing tensions on the Korean Peninsula. Additionally, Lee plans to phase out coal power plants and is less enthusiastic about nuclear energy compared to his conservative rival.
— new from El Tiempo Latino