South Korea's presidential contenders will go head-to-head in their first televised debate on Sunday night, as the race heats up ahead of the unexpected June 3 election triggered by the impeachment of former President Yoon Suk Yeol. Yoon was ousted last month after his controversial and short-lived imposition of martial law in December, which plunged the nation into political upheaval.
Sunday’s debate — the first of three scheduled over the next fortnight — will zero in on economic recovery strategies, a pressing issue as the nation grapples with declining growth. South Korea’s economy, the fourth-largest in Asia, shrank in the first quarter due to faltering exports and consumer spending, compounded by domestic instability and fears over the U.S.'s protectionist trade policies.
Seoul is currently engaged in negotiations with Washington to secure an exemption from the steep 25% tariffs imposed by President Donald Trump in April. Following Japan’s lead, South Korea was among the first to seek direct talks with the U.S. in an attempt to shield its industries from the fallout.
Leading the race is Lee Jae-myung of the opposition Democratic Party, who has proposed an aggressive investment plan in artificial intelligence, pledging up to 100 trillion won (roughly $71.5 billion) and a 10% production tax credit for domestically made semiconductors.
His conservative rival, Kim Moon-soo of the People Power Party, has promised to overhaul regulatory frameworks by launching a dedicated government agency and committing over 5% of the national budget to research and development.
According to the latest Gallup Korea poll, Lee commands 51% support among voters, with Kim trailing behind at 29%.
In a press statement earlier on Sunday, Lee advocated for sweeping constitutional changes, including a shift to a two-term, four-year presidency and the introduction of a runoff system for presidential elections via a national referendum. South Korean presidents currently serve a single five-year term.
Lee also pledged to rein in executive power by restricting the president’s authority to declare martial law and ensuring accountability for those involved in the December 3 incident that led to Yoon’s impeachment.