South Korea’s main opposition Democratic Party (DP)leader Lee Jae-myung delivered a sweeping address at the National Assembly on Monday, outlining his vision for national recovery and economic growth. In his speech, Lee condemned President Yoon Suk-yeol’s martial law declaration as an attempted coup and vowed to defend South Korea’s democratic order. He also presented a broad policy agenda, including a $20.6 billion (30 trillion won) supplementary budget, labor market reforms such as a transition to a four-day workweek and increased investment in AI, biotechnology and renewable energy.

While emphasizing economic stimulus and technological competitiveness, Lee also pledged to protect workers’ rights and social safety nets, proposing an expansion of public welfare and universal basic services. On foreign policy, he reiterated his support for a strong U.S.-ROK alliance while advocating for a diplomatic approach to North Korea. The speech came as the Constitutional Court deliberates on whether to uphold Yoon’s impeachment, a ruling that could trigger a snap presidential election within 60 days.

WHY IT MATTERS

Lee’s speech was a de facto campaign platform for an election that could take place as early as April or May, should the Constitutional Court uphold Yoon’s impeachment. By framing himself as the leader of a “recovery and growth” movement, Lee positioned the DP as the stabilizing force in South Korea post-impeachment.

Lee’s push for a 30 trillion won supplementary budget will likely be welcomed by the business community, particularly as South Korean firms brace for the impact of Donald Trump’s tariff threats. Morgan Stanley already estimates South Korea’s GDP growth for this year at 1.5%, meaning additional stimulus could provide much-needed relief.

Lee’s call for a four-day workweek transition will draw mixed reactions. Labor unions are expected to praise the initiative, but the Federation of Korean Industries and small business owners are likely to push back hard, arguing that such a shift would erode productivity and place undue strain on smaller enterprises already struggling with tight margins. Even if Lee wins the presidency, his administration will almost certainly need to negotiate a compromise solution rather than unilaterally pushing forward such a dramatic labor reform.

Moreover, it is not guaranteed that labor unions will fully back Lee. His recent pivot toward economic pragmatism, including his decision to withdraw his support for the planned financial investment income tax, has drawn skepticism from some union leaders who fear he is becoming too aligned with corporate interests.