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South Korea President Faces Crisis Amid Economic Discontent

  //politics-government.news-articles.net/content/ .. ident-faces-crisis-amid-economic-discontent.html
  Published in Politics and Government on Friday, February 20th 2026 at 7:02 GMT by The New York Times
      Locales: KOREA REPUBLIC OF, UNITED STATES

SEOUL -- South Korean President Lee Yoon is navigating a deepening political crisis fueled by widespread economic discontent and escalating public frustration. With approval ratings hitting a historic low of 28%, according to the latest National Election Survey, Lee's administration is under immense pressure to address soaring inflation, rising unemployment, and a perceived disconnect from the everyday struggles of ordinary citizens. The situation is rapidly escalating, prompting calls for a cabinet reshuffle, and even demands for the President's resignation and snap elections.

The current economic climate is a stark contrast to the promises of stability Lee made upon taking office. While South Korea has long been lauded as an economic powerhouse, recent years have seen a slowdown exacerbated by global factors like supply chain disruptions and the lingering effects of the pandemic. However, critics argue that domestic policies have failed to adequately cushion the impact on South Koreans, particularly young adults who are facing increasingly limited job opportunities and crippling levels of debt. The youth unemployment rate continues to climb, creating a sense of desperation and fueling social unrest.

"The government's initial response focused heavily on large-scale infrastructure projects and support for major corporations, believing this would trickle down to benefit everyone," explains Kim So-young, an economist at Seoul National University. "However, the benefits haven't materialized for the average person, and this has created a growing sense of inequality and resentment. People are seeing the numbers on the economic reports, but they aren't feeling the recovery."

The opposition Democratic Party is capitalizing on this public anger, orchestrating a series of nationwide rallies and protests. Senior party officials, like Park Jin-ho, are openly calling for Lee's resignation, citing a failure to fulfill campaign promises and a lack of effective economic leadership. The Democratic Party's strategy is focused on highlighting the disparity between the government's rhetoric and the lived realities of many South Koreans, emphasizing the rising cost of living, stagnant wages, and limited access to affordable housing.

The Lee administration has attempted to course-correct, announcing a package of measures intended to stimulate economic growth and create jobs. These include tax breaks for small and medium-sized enterprises, increased investment in vocational training programs, and financial assistance for struggling households. However, these measures have been widely criticized as being insufficient and poorly targeted, failing to address the root causes of the economic malaise.

Beyond the domestic economic issues, President Lee faces the constant challenge of managing tensions with North Korea. Despite Lee's commitment to a policy of engagement, denuclearization talks remain stalled, and Pyongyang continues to conduct provocative missile tests. These actions not only heighten regional security concerns but also divert resources and attention from pressing domestic issues, further exacerbating public frustration. Some analysts suggest the lack of breakthrough on the North Korean front is eroding public confidence in Lee's overall leadership capabilities.

The scrutiny isn't limited to economic policy. Several government ministries, notably the Ministry of Economy and Finance, are facing accusations of mismanagement and a lack of transparency. Lawmakers are demanding thorough investigations into allegations of questionable decision-making and a failure to adequately monitor economic indicators. The pressure is mounting for accountability at the highest levels of government.

Looking ahead, Lee's political future remains uncertain. While his party currently holds a majority in parliament, this advantage is increasingly tenuous. A significant cabinet reshuffle is widely anticipated in the coming weeks, seen as a desperate attempt to regain public trust and demonstrate a commitment to addressing the pressing economic and political challenges. However, a simple shuffling of personnel may not be enough to appease a public that feels ignored and disenfranchised. Some political commentators speculate that if economic conditions don't improve dramatically in the next few months, Lee could face a vote of no confidence or be forced to call for early elections, potentially jeopardizing his hold on power and ushering in a period of political instability for South Korea.