Political Risk / South Korea
Ruling Party Punished In Early Electoral Test
May 2009 | Political Risk AnalysisIn a clear sign of popular discontent with the ruling party, President Lee Myung-bak's Grand National Party failed to win a single of the five seats being contested in parliamentary by-elections on April 29. Though the outcome will do little to alter the balance of power in the legislature at present - Lee's party still holds 170 of the 299 seats - it can be seen as an early sign that popular opinion is losing faith in the ability of the GNP to steer the country out of downturn.
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