South Korea to elect new president on June 3: Lee Jae-myung vs Kim Moon-soo - Key issues from economy to foreign policy

South Korea votes on June 3 (Image credit: AFP)

South Korea will head to the polls on June 3 to elect a new president, following months of political turmoil sparked by the impeachment of Yoon Suk-yeol over his attempted imposition of martial law in December.

All major opinion polls indicate liberal candidate Lee Jae-myung is leading the presidential race, with a recent Gallup survey showing 49% of respondents identifying him as the most suitable contender reports AFP.

Kim Moon-soo, from the conservative People Power Party (PPP) - Yoon's former party - trailed Lee on 35 percent.

The elected president, who will serve a single five-year term, will be tasked with managing the aftermath of the brief martial law declaration - a six-hour decree that triggered widespread political unrest, mass demonstrations, a courthouse riot, and the appointment of three interim leaders within half a year.

Voting timing and results 

Korean citizens living outside the country have already casted their votes, early voting took place on Thursday and Friday. Large numbers of people turned out for the early vote, including the two frontrunners.

Around 44.4 million people in the country of 52 million are eligible to vote, according to the National Election Commission. The polling will start at 6 am (22:00 GMT) and close at 8 pm (20:00 GMT).

The counting of votes will begin immediately and the winner will be known that evening or in the early hours of the polling day. Candidates with most votes will be declared winner even if they don’t win 50 percent of the votes.

Let's take a closer look at the main candidates.

There are six candidates on the ballot, but the main contenders are Lee Jae-myung of the opposition Democratic Party of Korea (DP), and Kim Moon-soo of the governing conservative People Power Party (PPP).

Lee Jae-myung 

Lee Jae-myung, the 61-year-old former party leader and human rights lawyer, is leading the race to become South Korea's next president, according to recent polls. After narrowly losing the 2022 election to former President Yoon Suk-yeol, Lee played a central role in Yoon’s impeachment late last year - a political shift that has significantly reshaped the country's leadership landscape.

Lee’s campaign has focused on economic revival and progressive energy policies. He has proposed providing government-issued vouchers to support local businesses and pledged increased investment in South Korea’s booming content industry. On foreign policy, Lee has taken a cautious stance, saying he will not rush into talks over U.S. tariffs but has committed to restoring communication lines with North Korea.

On energy and the environment, Lee opposes the construction of new nuclear reactors and has promised to phase out coal-fired power plants by 2040. His platform reflects a strong push for economic equity, environmental responsibility, and renewed diplomacy in the post-Yoon era.

As per CNA, Kim won the support from the PPP base after opposing Yoon’s impeachment.

Kim Moon-soo

A 73-year-old former labour minister under the Yoon Suk-yeol administration has emerged as the leading conservative contender in South Korea’s upcoming presidential election. Once jailed for his role in a pro-democracy movement during the 1980s, the veteran politician is now running on a platform that combines pro-business reforms with a firm national security stance.

He has pledged to ease business regulations to boost economic growth while promising targeted support for small and medium-sized enterprises. On foreign policy, the candidate is pushing for an immediate summit with former US President Donald Trump to renegotiate tariffs that have impacted South Korean industries.

Maintaining a tough approach to North Korea, he supports nuclear sharing arrangements and champions nuclear energy as a cost-effective and reliable power source. His policy blend of economic liberalization and national security assertiveness is aimed at appealing to conservative voters looking for continuity and strength in the post-Yoon political climate.

What are the key issues? 

Democracy: The shock imposition of martial law in December by ousted President Yoon Suk-yeol has triggered a widespread push for constitutional reforms. Many are calling for a reassessment of presidential powers to prevent future authoritarian overreach.

Economy: South Korea’s export-driven economy is grappling with rising uncertainty. The combined impact of U.S. tariff threats, political instability, and sluggish domestic demand is fueling anxiety over economic resilience and job creation.

Tensions with North Korea: Inter-Korean relations have deteriorated sharply, with Pyongyang severing official communication lines and abandoning reunification as a goal. Recent clashes over balloons carrying propaganda and trash into the North have further inflamed tensions.

Diplomatic ties: Seoul continues to walk a diplomatic tightrope as it navigates relations with its key military ally, the United States, and its top trading partner, China. The next president will face mounting pressure to maintain national security interests while preserving economic ties with both Washington and Beijing amid rising global tensions.

Low birth rate: South Korea’s fertility rate has plummeted to just 0.75 births per woman - the lowest in the world - raising alarm over the country’s future workforce, pension system, and economic sustainability. Tackling this demographic decline is expected to be a key priority for the incoming administration.

(With agency inputs)