First session of South Korea’s new National Assembly begins today
South Korea’s National Assembly will today convene its first session since the April elections.
Due to his successful early handling of the COVID-19 pandemic, South Korean President Moon Jae-in’s administration gained a wave of public favour that carried his Democratic Party coalition to a massive victory, winning 180 out of 200 seats. With a legislative majority now in hand, the National Assembly can push forward on Moon’s policy agenda, which includes efforts to address high-level political corruption and tax and income inequalities and improve inter-Korean relations. Moon is expected to prioritise economic policies due to the pandemic’s ballooning fallout.
Moon intends to promote inclusive economic growth through public sector job creation, an expansion of social safety nets and a reformation of South Korea’s large corporations. However, his policies have failed to gain public favour, as minimum wage hikes have struck small business owners and endangered employment prospects for young South Koreans. Despite previous calls for a shift in policy, Moon will likely emphasise public sector employment moving forward. Moon’s commitment to his economic platform may harm the Democratic Party in the upcoming election cycle if the economy does not improve.
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