Following a significant defeat in parliamentary elections, South Korea's Prime Minister and senior presidential officials have offered to resign en masse. The ruling party's loss is seen as a major setback for conservative President Yoon Suk Yeol, with liberal opposition forces expected to prolong their control of parliament until 2027.
The Prime Minister and senior presidential advisers, except those handling security issues, have submitted their resignations. While the executive power in South Korea is concentrated in the president, the Prime Minister serves as the second-ranking official and leads the country in case of the president's incapacity.
President Yoon has expressed his intention to respect the public sentiment reflected in the election results and focus on improving the economic situation and reforming state affairs. The ruling People Power Party leader has also announced his resignation to take responsibility for the election defeat.
The main opposition Democratic Party and its satellite party are projected to have won a combined 175 seats in the 300-member National Assembly, while Yoon's ruling People Power Party and its satellite party are expected to secure 108 seats.
Despite the election outcome, President Yoon will remain in power, and his major foreign policies are likely to remain unchanged. However, the defeat is viewed as a midterm confidence vote on Yoon's leadership, with challenges expected in implementing business-friendly policies and tax reforms due to opposition control of the National Assembly.
The parliamentary elections deepened South Korea's conservative-liberal divide, with toxic rhetoric and mudslinging characterizing the campaigning. The incoming parliament is set to convene on May 30 for a four-year term, with a high voter turnout of 67% recorded, the highest since 1992.
