​Out of the abyss: On South Korea, its new President

When the then South Korean President Yoon Suk Yeol declared martial law in December 2024, his objective was to bypass the opposition-controlled National Assembly and rule with the support of the military. He had also planned to arrest opposition politicians, including Lee Jae-myung, the head of the Democratic Party, his bête noire. But the move backfired dramatically, leading to his abrupt downfall and paving the way for Mr. Lee’s ascent to the presidency. In the June 3 election, which was necessitated by the impeachment of Mr. Yoon, Mr. Lee, a progressive liberal, won 49.4% votes, defeating Kim Moon-soo of Mr. Yoon’s conservative People Power Party, who secured 41.2% votes. The peaceful and democratic transition, following a period of chaos and turmoil, is a testament to the strong fundamentals of South Korea’s young democracy. For a nation that endured decades of brutal military dictatorship, the imposition of martial law was tantamount to cutting open the old wounds. South Koreans, both the political class and civilians, offered resistance. Mr. Yoon’s political collapse unfolded so fast that future leaders would think twice before undermining the country’s democratic institutions. Still, the election of Mr. Lee is only the first step in restoring order and stability.

Mr. Lee, who survived legal challenges and an assassination attempt last year, enters the Blue House with a strong mandate. His party is in a majority in the National Assembly, giving him legislative leeway. However, while those responsible for the martial law fiasco must be held accountable, he must resist the temptation to turn this into a political witch-hunt. On the economy front, Mr. Lee should take swift measures, including the implementation of a promised stimulus package to jump start growth. Just last month, the central bank cut the country’s full-year economic forecast by half to 0.8% amid trade and tariff concerns. In foreign policy, Mr. Lee faces a complex balancing act. During the campaign, he had said that the U.S. was “the basis axis of our diplomacy”, but expressed a desire to improve commercial ties with China, the largest trading partner. Under Mr. Yoon, relations with China took a hit, and tensions with North Korea escalated. In a first step to improve inter-Korean relations, Mr. Lee decided to turn off loudspeakers on the border that had been broadcasting K-pop songs and propaganda. He has said he does not want South Korea to be reliant only on the U.S. To that end, what he must do is to invest in peace on the Korean Peninsula and expand Seoul’s relationship with major powers, while preserving its strategic partnership with the U.S.