(Bloomberg) — The support rate for the South Korean president Yoon Suk Yeol fell to the lowest level since he took office in 2022 after a stinging defeat in last week’s elections, leaving him in a weakened position for the remaining three years of his term.
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Yoon’s approval rating fell to 23% in a weekly poll released Friday by Gallup Korea, down 11 percentage points from the last survey conducted before the election. Its previous low was 24% in September 2022.
Those who had an unfavorable view of Yoon’s government accused him of his management of the economy in the fight against inflation and his communication skills, according to Gallup Korea. The survey was conducted among 1,000 respondents nationwide and had a margin of error of plus or minus 3.1 percentage points, according to Gallup Korea.
Yoon has little room to maneuver on the legislative front after the April 10 election, which saw his conservative People Power Party bloc lose seats and be reduced to 108 places in the 300-seat unicameral parliament known as the National Assembly. According to the National Election Commission, the opposition Democratic Party bloc expanded its majority by 175 seats. The DP alliance had 169 seats before the vote.
Yoon pledged to listen to the people and change direction but has yet to announce his plan to overhaul the government after the defeat in the election, the only national referendum during his only five-year term. Yoon’s Prime Minister, Chief of Staff and many senior secretaries have offered to resign to pave the way for change.
Read more: Big loss turns pro-business Yoon into Lame Duck in South Korea
When given a choice between Yoon’s pro-investor policies and the Democratic Party’s push to raise taxes on the wealthy and the sprawling conglomerates known as chaebol that dominate the corporate landscape, voters mostly chose the opposition. The Gallup survey found that 47% of respondents were “satisfied” with the results, while 43% said they were “dissatisfied.”
The rising cost of living has been fueled by the weakness of the won, which has been one of Asia’s worst currency performers this year. Bank of Korea Governor Rhee Chang-yong said last week that the bank’s board remains focused on combating inflation, which exceeded expectations in March and remained above the 2% target.
Surveys showed that the main issues facing voters ahead of the election were tackling inflation that was eroding paychecks, reining in house prices and strengthening the country’s export-driven and slowing economy.
The vote also took place as a prolonged strike by trainee doctors, angry over plans by Yoon’s government to increase the number of medical school places, clouded the race. The latest Gallup poll found that about half of respondents would like to see a compromise to end the labor dispute that began in February.
Yonhap News and other local media reported Friday that the government could accept a proposal from medical schools to adjust the number of seats, a move that could resolve the impasse that has strained the health care system.
–With help from Seyoon Kim.
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