Preliminary results from the parliamentary election held on Wednesday suggest a significant setback for President Yoon Suk Yeol's conservative People Power Party. The vote was seen as a crucial test for President Yoon, whose domestic agenda has faced opposition hurdles.
Since taking office two years ago, President Yoon has prioritized strengthening diplomatic ties with the U.S. and Japan. However, his attempts to implement business-friendly policies have encountered resistance, leading to perceptions of stagnation within his administration.
Initial exit polls indicate that President Yoon's party and its affiliates may secure no more than 105 seats out of the 300-seat National Assembly, Associated Press reported.
In contrast, the liberal Democratic Party and its coalition partners are projected to potentially secure as many as 197 seats, signaling a significant electoral victory for the opposition.
The election served as a referendum on the leadership of President Yoon and his rival, Democratic Party leader Lee Jae-myung. Both candidates campaigned vigorously, with the contest framed as a choice between competing visions for the country's future.
While matters of foreign policy, such as security cooperation with the U.S. and Japan, remain under the president's purview, the election outcome is poised to impact President Yoon's ability to advance his domestic agenda.
Proposals such as corporate tax cuts and healthcare reforms may face challenges in light of the opposition's electoral success, Al Jazeera reported.
The election campaign was marked by intense political polarization, with both sides engaging in aggressive rhetoric and allegations of misconduct. Allegations of corruption and abuse of power featured prominently, contributing to heightened public scrutiny of the candidates.
