President Lee Jae-myung's Approval Rating Drops to 51% Amid Economic and Livelihood Concerns

Approval Rating Declines Due to Economic and Livelihood Issues, Analysis Shows

President Lee Jae-myung's approval rating for his job performance has dropped by 6 percentage points over the past two weeks to 51%. This marks the lowest point since his inauguration, with disapproval ratings also entering the 40% range for the first time, totaling 44.8%. Economic and livelihood issues have been identified as the primary reasons for this decline. The Presidential Office and political circles are now facing demands for the preparation of practical measures to revitalize the people's economy.

Economic and Livelihood Issues Emerge as Key Obstacle to Presidential Approval

Recent public opinion survey results reflect national concerns regarding the Lee Jae-myung administration's economic policies. With economic and livelihood issues cited as the top reason for disapproval, questions are being raised about the effectiveness of government policies. Particularly as specific policy announcements, such as the real estate tax reform plan scheduled for late July, approach, demonstrating tangible results that can improve people's perceived economic conditions has become an urgent task.

In a press conference marking his first anniversary, President Lee Jae-myung stated his hope that the discussion on 'supplementary investigation rights' would be handed over to the National Assembly for deliberation, without the government rigidly adhering to its stance. This can be interpreted as a willingness to resolve political disputes through cooperation with the National Assembly. However, given that economic and livelihood issues are identified as the main drivers of the current approval rating decline, there are calls for a deeper examination of the President's governance direction.

Proactive Livelihood Policies and Future Outlook

The Lee Jae-myung administration is pursuing various policies to revitalize the people's economy. Through amendments to the law on the confiscation of corrupt property, the administration has made clear its resolve to crack down on crimes affecting people's livelihoods, such as voice phishing and pyramid schemes, which is expected to help alleviate public anxiety and reduce economic damage. Furthermore, the real estate tax reform plan, to be announced in late July, requires careful analysis and a cautious approach given its significant impact on the market.

Meanwhile, President Lee Jae-myung has engaged in high-level exchanges with Southeast Asian nations including India, Vietnam, Singapore, and the Philippines, as well as undertaking active diplomatic activities such as a tour of the European Union (EU) and attendance at the G7 Summit. These diplomatic endeavors aim to strengthen economic cooperation and enhance South Korea's standing in the international community. Discussions at the G7 Summit, in particular, are significant matters that can affect the domestic economy in conjunction with global economic issues.

Amid the unfavorable trend of declining overall approval ratings for his administration, the government reaffirmed its security resolve at the 76th anniversary ceremony of the Korean War, sending a message of 'protecting the people and territory with strong defense capabilities, and ensuring a Korean Peninsula of peace where there is no fear of war or need to fight.' Additionally, the President attended the first plenary meeting of the Regulatory Rationalization Committee alongside Prime Minister Kim Min-seok, demonstrating a commitment to regulatory improvements for economic vitalization.

Looking ahead, the Lee Jae-myung administration is expected to focus its efforts on resolving economic and livelihood issues. To reverse the current decline in approval ratings, concrete policy outcomes that citizens can feel must be presented. It will be crucial to closely monitor the market's reaction and its ripple effects following the announcement of the real estate tax reform plan, and to swiftly implement any necessary additional measures. This is a time to concentrate all of the government's capabilities on overcoming current economic difficulties and improving the quality of life for its citizens.