Lee Jae-myung's Presidential Bid: Bridging South Korea's Economic Divide

South Korean opposition leader Lee Jae-myung, seen as the front-runner, announced his presidential candidacy. He promised to address economic inequality and national division through extensive government spending and development. Lee's bid comes amid the aftermath of Yoon Suk Yeol's impeachment and the conservative party's internal conflicts.

As South Korea navigates a political crossroads following Yoon Suk Yeol's impeachment, opposition leader Lee Jae-myung has emerged as the leading candidate for the upcoming presidential by-election. His campaign, announced Thursday, focuses on mending economic disparity and fostering national unity through strategic government-led initiatives.

Lee, who lost narrowly to Yoon in 2022, spearheaded Yoon's ouster over his martial law declaration. In a video message, he highlighted economic growth and income equality as cornerstones of his strategy, leveraging government spending and international alliances. Critics, however, portray him as a divisive populist lacking viable fiscal solutions.

The conservative People Power Party faces internal turmoil, split between Yoon loyalists and reformists. Multiple contenders have declared their candidacies, reflecting fragmentation. Lee's legal challenges and his portrayal as a populist further complicate the political landscape in anticipation of the June 3 election.

(With inputs from agencies.)