South Korea’s new President, Lee Myung-bak, was inaugurated on February 25, 2008. President Lee, a conservative former businessman and popular mayor of Seoul, was elected with a wide margin in last year’s December election. During his inaugural address at the plaza of the National Assembly, President Lee declared that Korea is now on the path to becoming an advanced nation. Advancement means reaching the rank of the world’s top countries, both in terms of economic strength and cultural standards. To achieve this task, he called on Korea to move beyond the “age of ideology,” and to enter the “age of pragmatism.” He also pledged to pursue economic revival, to strengthen the alliance with the United States, and to end a protracted stand-off over North Korea’s nuclear weapons.
Since Lee’s landslide victory ended ten years of rule by Korea’s progressive government, he was widely expected to maintain his momentum and to enjoy a long honeymoon, at least during his first year in office. But the reality was quite different, and Lee’s term got off to a rough start. In fact, there are some signs that his honeymoon may soon be over. His approval ratings were in the 70 percent range in the wake of his election, but had fallen to the 50 percent range by the time of his inauguration.
Public sentiment toward President Lee slumped to lukewarm levels mainly because he and his staff mismanaged the two-month transition period between election and inauguration. Hasty announcement of unpopular policies by a transition committee and, more significantly, poor and reckless choices in his cabinet lineup angered the Korean public. The almost daily allegations of wrongdoings by many nominees for minister-level positions raised the serious doubts about the moral standard of a Lee government. Furthermore, his cabinet and top advisers—which consist of people mainly from Seoul and Lee’s native Gyeongsang Province—provoked a sense of alienation among Koreans from other regions of the country.
President Lee’s shaky popularity will be tested in earnest in the upcoming parliamentary elections, which are scheduled for April 5. Until recently, it was predicted that Lee’s ruling Grand National Party would easily take over the majority in parliament, mainly because the April election will be held during the new president’s presumed honeymoon period. As the Korean public has become increasingly disenchanted with the Lee administration, however, the April election will be a tough battle for the ruling party candidates. In fact, the United Democratic Party, the main opposition party that was demoralized and divided by internal rivalry after December’s humiliating defeat, has shown renewed vigor and has taken the offensive against the Lee government. Without a resounding victory in the parliamentary election, President Lee’s governing leadership will be substantially undermined—if not in jeopardy—and he will be plagued further with factional rivalry within the ruling party.
The economy is the most crucial issue facing the Lee presidency. The Korean economy has lost its vitality in recent years, with a GDP growth rate that has stagnated at less than 5 percent since 2003. Though President Lee has pledged to revitalize the economy as his government’s most critical task, current economic circumstances are not favorable for the new president. The Korean economy, heavily reliant upon foreign trade, has been further slowed by the sluggish cycle of the world economy. The new finance minister, Kang Man-soo, has forecast that the Korean economy will again grow less than 5 percent this year, falling short of the 7 percent that Lee pledged during his campaign. Without a visibly improved economic outlook and new job creation, it is highly likely that high public expectation for an economic recovery under President Lee will instead become a major disappointment.
Dealing with unpredictable North Korea is another daunting task for the new government. President Lee has declared his skepticism of the engagement policy pursued by the two liberal governments that preceded him, and accordingly has announced a new North Korea policy initiative: the “Denuclearization Opening 3000 Initiative.” Through this initiative, President Lee showed his commitment to assist North Korea opening its economy, once it gives up its nuclear programs completely. According to President Lee’s vision and as a result of this economic opening, North Korea will be able to upgrade its per capita income to $3000 over the next ten years. The Denuclearization Opening 3000 Initiative clearly shows that President Lee seeks to revamp South Korea’s approach to North Korea, shifting from a policy of unilateral appeasement to a strategy of reciprocity. North Korea has not yet revealed its response to the new policy. But many experts remain unconvinced that the new initiative will succeed in abolishing North Korea’s nuclear weapons program and its nuclear ambitions.
Since its transition to democracy in 1987, one of the key features of Korean politics has been its recurring cycle of high expectation and subsequent disappointment. Every president has begun his term with high approval ratings and ended with lame duck status, due to various scandals and declining popularity. At this point, it is too early to determine whether the Lee presidency prove the exception to this cycle. Perhaps the administration’s rough start will serve as a wake-up call for President Lee and his staff, who must now realize that the Korean public is demanding and tough to satisfy. Korean voters, who overwhelmingly supported President Lee in the December election, are now eager to scrutinize his policies and performance, and have their enthusiasm justified.
