World Business Report South Korea presidential election: how will it affect the economy?
Jun 3, 2025
The recent South Korean presidential election stirs up economic uncertainty amid trade tensions with the U.S. Voters are anxious about domestic consumption and reforms needed to stimulate growth. With approaching deadlines for trade agreements, the U.S. and EU scramble to avert new tariffs. Meanwhile, the UK navigates legal battles over frozen funds from Roman Abramovich, aiming to support humanitarian efforts in Ukraine. The podcast also touches on global issues like protecting outdoor workers from extreme heat, reflecting wider societal concerns.
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Labor Backing for Lee Jae-myung
- South Korea's incoming president Lee Jae-myung has the backing of trade unions which hope for stronger labor rights reforms.
- This election symbolizes public rejection of former President Yoon Suk-yul's controversial martial law attempt in 2022.
Economic Growth Tops Voter Concerns
- Economic growth was the top concern for South Korean voters in the recent presidential election.
- Both candidates surprisingly prioritized growth despite typical left-right differences on welfare and wealth sharing.
Business Owner Wants Money Moving
- Small business owner Dongjun Kang expressed the need for the new South Korean government to invigorate money circulation.
- He emphasized policies that sustain business profits as essential despite broader welfare approaches.
