“Out of the abyss,” focuses on the political upheaval and subsequent transition in South Korea, following a declaration of martial law by the former President, Yoon Suk Yeol. It then details the rise of the new President, Lee Jae-myung, and outlines his domestic and foreign policy priorities.
Key elements :
- Declaration of Martial Law and Political Backlash: In December 2024, then South Korean President Yoon Suk Yeol declared martial law, aiming to bypass the opposition-controlled National Assembly and rule with military support. This move also intended to arrest opposition politicians, including Lee Jae-myung. However, the declaration dramatically backfired, leading to Mr. Lee’s ascent to the presidency in June 2024.
- Impeachment and Democratic Transition: Mr. Yoon’s impeachment preceded Mr. Lee’s rise. Mr. Lee won the presidency with 49.4% of the votes, defeating Kim Moon-soo. The document describes this peaceful and democratic transition as a testament to the strength of South Korea’s young democracy, noting that both the political class and civilians resisted the declaration of martial law, which was seen as an attempt to reopen old wounds.
- Lee Jae-myung’s Political Standing: Despite facing legal challenges and an assassination attempt, Mr. Lee’s party now holds a majority in the National Assembly, providing him with legislative leeway.
- Domestic Policy Focus: President Lee’s administration plans to hold those responsible for the martial law “fiasco” accountable, while avoiding a “political witch-hunt”. Economically, he intends to implement swift measures and a stimulus package to encourage growth. The central bank’s full-year economic forecast is expected to be cut to 0.8% due to concerns over trade and tariffs.
- Foreign Policy Approach – A “Complex Balancing Act”:
- Relations with China: Under Mr. Yoon, relations with China, South Korea’s largest trading partner, deteriorated.
- Relations with North Korea: Tensions with North Korea also escalated under Mr. Yoon. Mr. Lee’s initial step to improve inter-Korean relations involved turning off loudspeakers on the border that had been broadcasting K-pop songs and propaganda.
- Strategic Partnerships: Mr. Lee emphasises that South Korea should not rely solely on the U.S.. He aims to invest in peace on the Korean Peninsula and expand Seoul’s relationships with other major powers, while still preserving its strategic partnership with the U.S.. The document states that the U.S. partnership is “the basis axis of our diplomacy”.
