Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
ELECTION DPK poised to clinch landslide victory in general elections
Rep. Lee Jae-myung, front row center, chairman of the main opposition Democratic Party of Korea (DPK), applauds with other party members while watching the exit poll results of the general elections at the National Assembly in Seoul, Wednesday. The exit polls showed that the DPK was projected to clinch a landslide victory by winning 178 to 197 seats when combining constituency wins with proportional representation seats obtained by its satellite party, the Democratic United Party. Korea Times photo by Choi Won-suk
By Lee Hyo-jin
Broader opposition bloc may secure 200 out of 300 seats
The main opposition Democratic Party of Korea (DPK) is poised to achieve a decisive victory in Wednesday's general elections, with the broader liberal opposition bloc expected to secure as many as 200 seats in the 300-member National Assembly. This projection deals a significant blow to President Yoon Suk Yeol.
Exit polls conducted by the nation's three major terrestrial broadcasters KBS, MBC and SBS indicated that the DPK was projected to secure 178 to 197 seats when combining constituency wins with proportional representation seats obtained by its satellite party, the Democratic United Party. This outcome, if confirmed, will solidify the DPK's hold in the current opposition-controlled Assembly for the next four years.
Meanwhile, the ruling People Power Party (PPP) was projected to secure 85 to 105 seats, including those obtained through proportional representation by its satellite party, the People Future Party.
The Rebuilding Korea Party, a minor progressive party led by former Justice Minister Cho Kuk, was on track to secure 12 to 14 seats, marking a notable debut in the first election since its launch in March. The party chose not to field constituency candidates, but focused solely on proportional representation seats.
Among other minor parties, the Reform Party, led by former PPP leader Lee Jun-seok, was projected to secure one to four seats. The Saemirae Party, headed by former DPK leader Lee Nak-yon, was expected to grab as many as two.
The final result of the elections will be confirmed Thursday morning, as the vote counting for proportional representation ballots should be completed manually due to the ballot papers being too long for automatic counting machines.
"I'll watch the vote counting results until the end with a humble heart," DPK Chairman Lee Jae-myung said after the exit poll results were announced.
Contrary to the DPK's victorious mood, PPP members appeared visibly disappointed.
Han Dong-hoon, interim leader of the ruling People Power Party, gives a statement after watching the exit poll results of the general elections at the National Assembly in Seoul, Wednesday. Korea Times photo by Shim Hyun-chul
"Our party did our best to engage in politics that reflect the will of the people, but the exit poll results are disappointing," PPP's interim leader Han Dong-hoon told reporters shortly after watching the exit poll results with fellow party members at the National Assembly.
The PPP had faced an uphill battle throughout the election campaign, as negative public sentiment toward the Yoon government intensified in the lead-up to the elections, presenting challenges for the governing party.
The opposition parties used this momentum to mobilize voters, urging them to deliver a decisive verdict on the government's perceived failures in state affairs. Cho's party adopted more aggressive tactics, pledging to launch a special counsel probe into Yoon and his wife Kim Keon Hee as its top priority in the Assembly.
Cho Kuk, center, leader of the Rebuilding Korea Party, cheers with his party members while watching the exit poll results of the general elections at the National Assembly in Seoul, Wednesday. Korea Times photo by Choi Won-suk
The DPK, which was likely to secure 180 seats or more on its own once again, is expected to wield formidable legislative power in the 22nd Assembly.
The liberal party would have the capability to initiate standalone processing for "fast-track" bills, or bills that require expedited deliberations, which need support from at least three-fifths of total Assembly members.
According to the exit polls, opposition parties were expected to collectively secure as many as 200 seats, which means they would be able exert collective power over Yoon through concerted legislative action.
In theory, the broader opposition bloc could undertake legislative endeavors to amend the Constitution, as such an amendment necessitates approval from at least two-thirds of the total members of the Assembly. Furthermore, it would be feasible for opposition lawmakers to initiate legislative actions to impeach Yoon, as impeachment motions against the president also mandate the support of at least 200 lawmakers.
Also, the opposition coalition could neutralize Yoon's veto power. Bills rejected by the president and returned to the Assembly can be passed again with the attendance of a majority of lawmakers and the support of over two-thirds of the attending members.
Wednesday's election was widely regarded as a critical midterm assessment of Yoon, who is approaching his two-year mark in office next month.
The election results thus may deliver a fatal blow to the Yoon government and his party. With an opposition-controlled Assembly for the remainder of his term, which ends in May 2027, the fate of his major reform plans — in the health care, labor and education sectors — now hang by a thread.
According to the National Election Commission, 67 percent of 44.28 million eligible voters cast their ballots at 14,259 polling stations nationwide, higher than 66.2 percent recorded in the previous general elections in 2020.