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Economy / South Korea

South Korea

October 2011 | Ratings Update

Independent candidate Park Won-soon won Seoul's mayoral election, striking a hard blow to the ruling Grand National Party (GNP) ahead of parliamentary elections in early 2012. Seoul's mayor office is widely seen by some to be the second-most powerful political post after the president. The defeat in the mayoral elections marks the latest setback following a poor showing in the municipal by-elections in April. The GNP's loss appears to be reflective of the growing discontent with the ruling party and with the South Korean politics as a whole. As a result, we still believe that the upcoming parliamentary elections will

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