{"id":2204652,"date":"2024-04-11T16:39:04","date_gmt":"2024-04-11T07:39:04","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204652"},"modified":"2024-04-12T16:47:32","modified_gmt":"2024-04-12T07:47:32","slug":"yoon-suk-yeols-economic-agenda-faces-uncertainty-after-opposition-election-win","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/yoon-suk-yeols-economic-agenda-faces-uncertainty-after-opposition-election-win\/","title":{"rendered":"Yoon Suk-yeol\u2019s economic agenda faces uncertainty after opposition election win"},"content":{"rendered":"
The main opposition Democratic Party (DP) and its allies secured a majority of seats in South Korea\u2019s National Assembly following the April 10 general elections, an outcome that will likely have major implications for the country\u2019s economic policies and market dynamics.<\/span><\/p>\n The DP and the Rebuilding Korea Party (RKP) won 175 and 12 seats, respectively, in the 300-member National Assembly.<\/span><\/p>\n The ruling People Power Party (PPP) <\/span>narrowly avoided<\/span><\/a> a worst-case scenario in which the opposition has a 200-seat veto-proof majority, but the PPP\u2019s ability to implement its <\/span>pro-business agenda<\/span><\/a>, which has focused on deregulation, tax cuts and <\/span>fostering core industries<\/span><\/a> such as semiconductors and batteries, will be significantly constrained by the DP-led majority in the National Assembly.<\/span><\/p>\n With the DP and the RKP now holding a large majority, the opposition will likely <\/span>pursue<\/span><\/a> investigations<\/span><\/a> into the government\u2019s actions on various fronts. However, without the necessary number of seats to overcome Yoon\u2019s veto power, this could lead to legislative gridlock.<\/span><\/p>\n This uncertainty, especially surrounding key economic policies, will likely have a major impact on South Korea\u2019s financial markets and business environment.<\/span><\/p>\n