(Bloomberg) -- South Koreans elect a new president on March 9, with the two top contenders offering diverging views on how to guide Asia's third-largest economy and calibrate relations with nuclear-armed neighbors China and North Korea.
The conservatives have tapped former top prosecutor and political newcomer Yoon Suk-yeol to try to win back the top office from the progressives, who have nominated Lee Jae-myung, a former governor of the country's most populous province. The president serves for a single, five-year term and will replace current office holder Moon Jae-in, who is aiming to pass the baton to fellow Democratic Party member Lee.
Polls have shown lead swings for the two top candidates in what looks to be the most wide-open race for president since the advent of full democracy about 35 years ago. Making things even more unpredictable are two minor candidates -- conservative Ahn Cheol-soo and progressive Sim Sang-jung. Polling indicates neither has a chance to win but they could siphon off votes and play the role of spoiler.
Key issues will include trying to rein in runaway housing prices, growing personal debt and yawning income gaps that many voters believe have increased the divide between the haves and have-nots. One of the country's most vitriolic presidential campaigns has turned off a lot of people, with many seeing none of the candidates as providing plans that would help.
Here's a look at the two top contenders:
Lee Jae-myung, 57, Democratic Party, former Gyeonggi governor
A former factory worker who later became a civil rights lawyer, Lee has been in politics for more than 15 years as a member of the progressive camp -- becoming governor of Gyeonggi province surrounding Seoul in 2018. He has pushed to make the country Asia's first to introduce universal basic income.
A victory for Lee would likely further boost South Korea's expansionary fiscal policy and throw weight behind his calls to fix growing income disparity and continue Moon's policy of seeking rapprochement with North Korea. Lee's campaign has been clouded by scandals in his personal life and a probe into land speculation in Seongnam, a city where Lee served as mayor. The candidate has denied any wrongdoing.
Lee has vowed to invest in renewable energy, modernize space technology and boost the government's investment in culture.
- Economic policy: Support expansionary fiscal policy and a universal basic income
- Jobs: Create 3 million new jobs in digital, energy, social service sectors; 500,000 additional jobs for young people
- Real estate: Build 3.1 million new housing units, including 1 million in Seoul
- Nuclear Power: Reduce nuclear power gradually and invest in renewable energy with the aim of increasing its portion to 30% by 2030
- North Korea: Back current engagement policy and Moon's proposal for declaring end of 1950-1953 Korean War
- China: Against deploying additional THAAD radar in South Korea, and seeking to use U.S.-China competition as an “opportunity” for South Korea
Yoon Suk-yeol, 61, People Power Party, former prosecutor general
Yoon, whose investigation of the former conservative president Park Geun-hye eventually led to her impeachment, was handpicked by Moon in 2019 with a mandate to make good on his pledges to go after the most powerful. But ties soured after Yoon's probes included members of the current government and led to the resignations of two of Moon's justice ministers.
Yoon's popularity soared as Moon tried to remove him from office about a year ago, with Yoon resigning in March 2021 after the president moved to strip his office of investigative powers.
Yoon has pledged to rein in real estate prices, take a tough line with North Korea and implement a 100-day emergency rescue plan for a Covid-hit economy that would provide a quick and hefty financial injection. And like Lee, he has also battled scandals during the campaign, mostly surrounding his family.
- Economic policy: Strengthen compensation for pandemic damage; support re-employment plans and credit recovery. Provide financial and tax support
- Jobs: Support job creation by assisting the private sector
- Real estate: Build more than 2.5 million housing units throughout South Korea, with 1.3 to 1.5 million new units in the Seoul metropolitan area
- Nuclear Power: Invest and support nuclear power, and aim to export South Korea's nuclear power technology to other nations
- North Korea: He sees a preemptive strike against North Korea as justified if attack by the neighbor seems imminent. Against Moon's North Korea policy and his end-of-war proposal
- China: Deploy additional THAAD in South Korea. Participate in Biden's new supply chain initiative, strengthen military, economic, science and technology cooperation with the U.S.
©2022 Bloomberg L.P.
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