Major Foreign Media Watch South Korea's Local Election Landscape... Lee Jae Myung Government Seen as a "Referendum"

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[The Financial News] As South Korea held its Nationwide Local Elections on the 3rd, major foreign media outlets showed keen interest. They predicted a victory for the Democratic Party of Korea, while also focusing on whether the People Power Party could regain public support.
In a report on the 2nd local time, The New York Times (NYT) described the election as a "referendum" on President Lee Jae Myung's popularity. It also noted how his current public approval, after taking office following the martial law crisis under the previous Yoon Suk Yeol administration, would be reflected in local constituencies. NYT analyzed that Lee has maintained a high approval rating of around 65%, helped by pragmatic diplomacy and a record rally in the KOSPI driven by demand for AI semiconductors.
Kyodo News emphasized that this is the first nationwide election under the Lee Jae Myung administration, which is marking its first year in office. It added that the result would serve as a midterm assessment with a direct impact on the president's governing momentum.
Anadolu Agency said Lee's "100 trillion won AI development plan," one of his campaign pledges, has also emerged as a major issue in this local election. It added that candidates in each local government are competing to present their regions as future hubs of technological innovation.
NYT pointed to the Democratic Party of Korea's advantage and said the People Power Party is mired in internal conflict. The outlet argued that the conservative camp remains directionless, split into "martial law supporters" and "pro-impeachment reformists" after former President Yoon Suk Yeol's declaration of martial law and subsequent impeachment.
NYT also said the Democratic Party of Korea cannot afford to feel secure. It analyzed that bills pushed by the ruling party on judicial risk issues have instead triggered strong backlash and consolidation among conservative forces, creating a late-stage variable in voter sentiment.
Meanwhile, foreign media outlets said Lee's core support base is people in their 40s and 50s, while younger voters in their 20s and 30s, facing job shortages and housing insecurity, have leaned somewhat to the right or shown little enthusiasm for the election. They added that turnout among these voters could become a key factor in determining the final outcome.
Jeremy Chan, an analyst at the U.S. political consulting firm Eurasia Group, told a British outlet that "if the Democratic Party secures a decisive victory, it will give momentum to President Lee's pro-market and expansionary fiscal policies, as well as his more conciliatory approach toward North Korea, but there will be no abrupt policy shift based on the election result." He added that the Lee Jae Myung administration would "continue to focus on economic management and stabilizing energy prices without provoking investors."
pjw@fnnews.com Park Jong-won Reporter