Recent surveys reveal a dramatic decline in public support for the South Korean president as economic concerns mount
Category: Business
South Korean President Lee Jae-myung (이재명) is facing a steep decline in public support, with recent polls indicating his approval rating has dropped below 40 percent for the first time since taking office. According to the National Barometer Survey (NBS) conducted from August 10 to 12 by Embrain Public, K-Stat Research, Korea Research, and Hankook Research, only 49 percent of respondents expressed a positive evaluation of his governance, a decrease of 4 percentage points from the previous survey.
The NBS survey, which involved telephone interviews with 1,001 adults nationwide, showed that the percentage of those who rated Lee's performance negatively rose to 43 percent, marking a 6-point increase. This decline in approval comes as the government grapples with rising housing prices and a volatile stock market, which have significantly affected public sentiment.
In a separate poll commissioned by Cheonji Ilbo, conducted by Korea Information Research on August 10-11, Lee's approval rating fell even lower, with only 38.4 percent of respondents expressing positive views on his administration. Conversely, 59.0 percent rated his performance negatively, highlighting a troubling trend for the president. This survey indicates that Lee's approval rating has plummeted from 53.8 percent in early June to below 40 percent within eight weeks, raising concerns about his political future.
Age demographics reveal a stark divide in opinions. Among those aged 18 to 20, only 24.8 percent rated his performance positively, and this figure dropped to 23.2 percent among individuals in their 30s. In stark comparison, positive evaluations were higher among those in their 50s (47.0 percent) and 70s (46.3 percent). Notably, the negative assessment among the 30s demographic reached 75.6 percent, indicating a growing discontent among younger voters.
Geographically, support for Lee is uneven, with the highest approval ratings found in the Honam and Jeju regions at 64.2 percent, whereas Seoul recorded a mere 29.8 percent approval rate. The capital's residents expressed the highest level of dissatisfaction, with 68.1 percent rating his performance negatively.
The political ramifications of these declining approval ratings are becoming increasingly evident, particularly as the ruling Democratic Party (DP) prepares for its upcoming leadership elections. Candidates within the party are openly debating the causes behind Lee's diminishing support. On August 12, former DP leader Jeong Cheong-rae asserted that if he were to become party leader, he could boost Lee's approval rating by 10 percentage points. He emphasized the need for a reform-minded leadership to regain public trust.
In response, rival candidate Song Young-gil criticized Jeong's approach, labeling it as a misguided diagnosis of the situation. He pointed to economic issues, particularly the government's handling of real estate and stock market policies, as key factors contributing to Lee's declining popularity. Kim Min-seok, another contender, highlighted the internal party conflicts exacerbating voter dissatisfaction, stating that the current infighting is alienating supporters.
The public's discontent is largely fueled by economic concerns, particularly the government's recent tax reforms perceived as burdensome. A survey indicated that 56 percent of respondents believe the government's real estate policies are failing, with only 34 percent expressing approval. The sentiment surrounding proposed changes to real estate taxation is similarly negative, with 46 percent in favor and 41 percent opposed. The anticipated impact of these reforms on rental prices is also concerning, as 55 percent of respondents expect prices to rise.
Lee's administration is now under pressure to address these pressing economic issues and restore public confidence. The upcoming party leadership elections could serve as a turning point for the Democratic Party, as they seek to distance themselves from the current administration's struggles. If the new leadership fails to revitalize support for both the party and the president, it may lead to a fracturing of their political base ahead of the next general elections.
The implications of these surveys are clear: Lee Jae-myung's presidency is at a crossroads. With his approval ratings sinking and public discontent growing, the coming weeks will be decisive for both his administration and the ruling party. As the political climate evolves, the Democratic Party must navigate its internal divisions and address the economic challenges facing South Korea to regain the trust of its constituents.