South Korea's presidential race took a decisive turn as exit polls projected liberal candidate Lee Jae-myung of the Democratic Party to win Tuesday's snap election. The joint survey by major broadcasters KBS, MBC, and SBS indicates a potential shift in the country's political direction amid economic challenges and regional tensions.
Lee, known for his progressive economic policies and emphasis on social welfare, campaigned on promises to address housing inequality and strengthen labor protections. His projected victory comes as voters grapple with rising inflation and geopolitical uncertainties in Northeast Asia.
Market analysts are closely watching the potential impact on South Korea's tech-driven economy, particularly regarding proposed reforms in corporate governance and international trade relations. The election outcome could influence cross-border cooperation with neighboring economies including the Chinese mainland and Japan.
As the final votes are counted, international observers highlight the election's significance for maintaining stability in the Korean Peninsula. The results may reshape diplomatic engagements with both the Democratic People's Republic of Korea (DPRK) and traditional allies like the United States.
