SEOUL, (Reuters) – Con-servative South Korean opposition candidate Yoon Suk-yeol rode to victory in a tight presidential election on a wave of discontent over economic policy, scandals and gender wars, reshaping the political future of Asia’s fourth-largest economy.
His victory in Wednes-day’s bitterly fought election marks a remarkable turnaround for the main conservative bloc, now known as the People Power Party, which has regrouped since the 2017 snap election was held after the impeachment and ouster of then President Park Geunhye.
Yoon is a former prosecutor-general involved with Park’s case who fell out with outgoing President Moon Jae-in after being appointed by him, gaining notoriety over investigations of top presidential aides.
Yoon has pledged to stamp out graft, foster justice and create a more level economic playing field, while seeking a “reset” with China and a tougher stance towards reclusive North Korea, which has launched a record number of missiles in recent months.
He faces the challenge of uniting a country of 52 million riven by gender and generational divisions, growing inequality and surging home prices.
“Real estate prices, housing policy, jobs, and tax policies will top his domestic agenda,” said Duyeon Kim, a Seoul-based expert with the Center for a New American Security.
Yoon will need to restore public trust in Korea’s institutions and is likely to conduct major “housecleaning” by following through on a campaign pledge to investigate Moon’s administration for corruption, she added.
Yoon, 60, edged out the ruling centre-left Democratic Party’s Lee Jae-myung to replace Moon, whose single five-year term ends in May. A formal announcement is expected to be made later on Thursday.
Yoon’s lack of elected political experience was seen as both a liability and an asset.
While his campaign was marked by gaffes and controversy, the race became a referendum on Moon’s economic policies from jobs to housing to wealth inequality.
“I would pay attention to people’s livelihoods, provide warm welfare services to the needy, and make utmost efforts so that our country serves as a proud, responsible member of the international community and the free world,” Yoon said at a victory ceremony with supporters.
The benchmark KOSPI .KS11 rose more than 2%, its sharpest daily rise in at least three months, with Yoon expected to speed deregulation in South Korea’s capital markets.
The election was one of the closest in recent history and came after an unusually bitter campaign marred by scandals and smears. Both candidates’ disapproval ratings matched their popularity as scandals, mud-slinging and gaffes dominated what was dubbed the “unlikeable election”.
