"Next Year's South Korean Presidential Election, Yoon Seok-yeol Expected to Win" ... UK Economist Forecast

"Current Government's Slow Vaccine Distribution... Will Benefit from Public Dissatisfaction"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Seohyun] The British economic magazine The Economist has predicted the victory of Yoon Seok-yeol, the presidential candidate of the People Power Party.

In its annual publication 'The World Ahead 2022,' which outlines country-specific forecasts for the coming year, The Economist stated, "Although the progressive-leaning Democratic Party secured the presidency and an overwhelming majority in the National Assembly, Yoon Seok-yeol, the conservative People Power Party candidate in the March election, is expected to take the Blue House due to public dissatisfaction with the current government's sluggish vaccine rollout."

It also predicted, "Conflicts between the Democratic Party's expansionary budget and the People Power Party's fiscal conservatism will delay policy progress. Economic growth will slow after a full recovery in 2021 but will remain above trend." The Economist forecasted South Korea's GDP growth rate for next year at 2.7%.

2022 World Outlook Korean Edition / Photo by Korea Economic Daily

In its outlook for next year, The Economist identified ten key trends to watch: △Democracy versus authoritarianism △From pandemic to endemic △Inflation concerns △The future of labor △New backlash against tech companies △Growth of cryptocurrencies △Climate crisis △Travel issues △Space race △Political strife.

Founded in 1843 in the UK, The Economist is a globally renowned publishing group. It annually publishes a global trend outlook book featuring contributions from its own writers and experts worldwide, which is simultaneously released at the end of each year in 25 languages across 90 countries.