A little more than a year ago, Lee Jae-myung, then the leader of the now ruling Democratic Party, was on former President Yoon Suk-yeol’s list of his nemeses to be rounded up and arrested as Yoon declared martial law. In early 2024, Lee had already survived an assassination attempt by a deranged admirer of Yoon’s who stabbed him in the neck. The prosecutor’s office had also borne down on Lee with trumped-up charges and trial after trial. 

Yoon’s self-coup failed, however, and Lee – once the most persecuted political figure in South Korea – became the most powerful man almost overnight. As the dawn broke on December 4, 2024, the National Assembly hadn’t yet passed the impeachment motion against Yoon; the Constitutional Court’s official impeachment ruling wouldn’t be issued until April 2025. Yet, the illegality and absurdity of Yoon’s botched marital law declaration were so obvious that Lee seemed a lock to be South Korea’s next president.

Six months later, that was finally borne out. In the June snap presidential election, Lee garnered more than 17 million votes, more than any candidate in South Korean history. Jubilation and relief reigned. Lee’s Cabinet meetings went on for hours, reassuring the public that someone was righting the ship at last. He filled his staff not based on their fancy educational history and personal loyalty but for their gung-ho spirit and efficiency.

Last year’s end-of-the-year overview of the Yoon administration was bleak reading, thanks to interminable scandals, graft, and Yoon’s self-coup attempt. This year’s rundown on the Lee administration offers a more upbeat review, albeit not without drama. 

South Korea’s economy is picking up. Lee’s presidency itself restored consumer confidence. Lee further spurred spending by injecting some extra $13 billion into the South Korean economy, including two rounds of cash handouts in the form of universal consumption vouchers redeemable at local restaurants and retailers. Lucky for the new government, exports of South Korean semiconductors also increased. 

Overall, South Korea’s GDP expanded by 1.166 percent in the third quarter, one of the highest upticks in the OECD. This is a particularly significant increase, given how South Korea’s GDP had actually contracted in the aftermath of Yoon’s martial law debacle.

With Lee as president, South Korea emerged from a period of political turbulence and uncertainty, as well as sheer government incompetence. Investor confidence in South Korea’s critical industries and its stock market has never been this solid. South Koreans have tapped into their savings accounts to buy shares; foreign investors flooded in, as well. Before Lee’s presidency, the KOSPI had been floundering at around 2,500. Now, it’s over 4,000.

But, it hasn’t been all rosy for the South Korean economy. The Consumer Price Index has been increasing by........

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