South Korean President Yoon Suk Yeol has conceded defeat after his ruling party suffered a significant loss in last month’s election. He acknowledged that the government’s failure to improve people’s lives contributed to the defeat and apologized for a scandal involving his wife.
However, he rejected calls for a special probe into allegations regarding a pricey Christian Dior handbag accepted by the First Lady last year.
In his first press conference in nearly two years, Yoon pledged to prioritize improving the economy and addressing the national emergency of declining birth rates. He highlighted the importance of identifying and resolving issues affecting every individual’s life, beyond corporate growth and job creation.
Despite South Korea’s economy showing better-than-expected progress of 1.3% in the first quarter, living costs have remained high, posing challenges despite efforts to tackle inflation.
Yoon announced the establishment of a new government ministry to address the nation’s record-low birth rate and rapidly aging population, indicating a sense of urgency in tackling the issue.
South Korea’s fertility rate, already the lowest in the world, continues to decline, with factors such as women’s concerns about career opportunities, childcare responsibilities, and financial burdens cited as reasons for delaying childbirth or opting not to have children.
Yoon’s People Power Party’s defeat in the April 10 vote prompted calls for a change in leadership style and policy direction. While Yoon expressed remorse for falling short of public expectations, opposition leaders criticized his lack of initiative and commitment to addressing people’s concerns.
The controversy surrounding Yoon’s wife is expected to affect his ability to garner cooperation from the opposition-controlled parliament on key policy priorities. Despite winning the presidency by a narrow margin in 2022, Yoon’s approval ratings have plummeted to as low as 21%, indicating significant dissatisfaction among the public.
On foreign policy, Yoon avoided direct answers regarding former President Donald Trump’s stance on South Korea’s financial contribution to maintaining U.S. troops stationed in the country. He reaffirmed South Korea’s commitment to not supplying lethal weapons to any nation in active conflict, including Ukraine, amid pressure to support Kyiv against Russian aggression.
Yoon acknowledged the discomfort in South Korea’s ties with Russia, particularly in light of allegations of North Korean weapons being used in Russia’s war effort in Ukraine.
While both Russia and North Korea deny such allegations, the situation has strained relations between South Korea and Russia, impacting their cooperation on military matters.
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