ed Presidential race

Uncertainties lurk in election year

There is one year left before the nation is to elect a new president. For the first time in two decades, Korea will hold general and presidential elections in the same year. President Lee Myung-bak will be outside the limelight in the twilight of his presidency. The lame duck presidency should not lead to a derailment of the country.

It is the general consensus that people will vote for the candidate best fit for easing the widening economic polarization. Voters will pick a candidate capable of providing market-oriented welfare programs and creating more jobs. A successful candidate will be one who knows how to command appeal through social networking services.

For the first time in Korea, 2.4 million Korean adults overseas will cast votes. The year 2012 will also see the election of heads of state in 58 countries, including the United States. China and Russia will also see a transfer of power. North Korea is to celebrate the 100th anniversary of the birth of its founder Kim Il-sung next year.

The elections are to be held under global uncertainty. The troubled European Union is a time bomb which may shake the global economy. Korea is disoriented politically, economically, socially and diplomatically. People are disenchanted with the political establishment. IT mogul Ahn Cheol-soo is the frontrunner in opinion polls among possible presidential candidates.

People want a new economic paradigm which would create jobs and ease the gap between the rich and the poor. They want an alternative to the neoliberal jungle capitalism.

The nation is socially divided, especially among the generations, and between conservative and liberal groups. The nation is not in a comfortable relationship with China and Japan. Inter-Korean relations are at the worst level since the historic inter-Korean summit in 2000.

For the first time in two and half years, Lee’s approval rating fell to the lowest level of 29.7 percent. A series of corruption scandals involving Lee’s family members, relatives and cronies have dented his popularity. Without exception, under the past four presidents ― Roh Tae-woo, Kim Young-sam, Kim Dae-jung and Roh Moo-hyun ― the incumbent head of state’s grip on power loosened as power-related corruptions were brought to surface one year before the termination of the five-year presidency.

One year is a long period of time in this fast-changing world. Lee may not need new initiatives. Instead, he can take care of projects he launched for successful completion.

Pyongyang’s possible military adventurism needs watchful monitoring.

Lee should not lose sight of the latent economic troubles in his remaining time in office. The record household debt may shake the economy unless managed well. In the election year in 1997, President Kim Young-sam was unable to focus himself on state affairs, including the economy, following the arrest of his son and cronies for corruption. The nation had no choice but to seek a bailout from the International Monetary Fund. This is a painful lesson Korea should not repeat.