South Korean opposition leader Lee Jae-myung has officially declared his candidacy in the upcoming presidential by-election, following the ouster of former President Yoon Suk Yeol.
Announcing his bid on Thursday, Lee pledged to bridge the country’s deep political and economic divides through bold government spending and inclusive economic growth. The election, scheduled for June 3, was triggered by the Constitutional Court’s upholding of Yoon’s impeachment over his controversial martial law declaration.
Lee, who lost narrowly to Yoon in the 2022 presidential race, recently resigned as chairman of the liberal Democratic Party to focus on his campaign. He is currently the party’s leading candidate, with Gyeonggi Governor Kim Dong-yeon also entering the race.
In a campaign video, Lee criticized the growing wealth gap and emphasized the need for government-driven investment in talent and technology to revive the economy.
“We have more than before, but wealth remains concentrated,” Lee said. “Private sector growth alone is no longer sufficient. Government intervention is essential to restore balance and stimulate the economy.”
Lee also underscored the importance of maintaining strong ties with the United States and Japan, while reaffirming that South Korea’s national interests must guide all foreign policy decisions.
Known for his anti-elitist stance and outspoken style, Lee remains a polarizing figure. His supporters see him as a reformist leader, while critics accuse him of populism and lacking realistic funding strategies for his policies. He is currently facing multiple legal challenges, including five criminal trials related to corruption.
The conservative People Power Party (PPP) is in disarray following Yoon’s removal, with internal divisions between loyalists and reformers. Several prominent conservatives, including Han Dong-hoon, Ahn Cheol-soo, Kim Moon Soo, Hong Joon-pyo, and Seoul Mayor Oh Se-hoon are expected to contest the party’s nomination.
Han, leading the anti-Yoon faction, also declared his presidential bid on Thursday, positioning himself as a centrist alternative who opposed Yoon’s martial law decree and warned against the rise of a “populist monster government” under Lee.
With the by-election set to determine South Korea’s next leader for a full five-year term, the race is shaping up to be a pivotal moment for the country’s democracy, economy, and global alliances.
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