Did President Lee's 'Oil Price Response' Work? Recovery of Support Rate to Over 60% After 7 Months
President Lee's approval rating has risen to over 60% for the first time in seven months, attributed to swift government measures tackling rising oil prices amidst escalating regional tensions.
Recent polling data shows that President Lee's approval rating has rebounded to 60.3% after previously dropping to 58.2%, marking the first time it has regained this level in seven months. The survey indicates a positive reaction from voters in light of the government's rapid implementation of economic measures, such as a price cap on oil and early fiscal stimulus, in response to skyrocketing oil prices due to worsening conditions in the Middle East. Notably, there was a sharp increase to 62.3% on October 10, following the announcement of these policies.
The political landscape is also shifting, with the Democratic Party's support increasing from 48.1% to 50.5%, reflecting the impact of the government's social policies on voter sentiment. This recovery reverses a seven-month decline and highlights a growing discontent among the electorate towards the opposition party, the People Power Party, which saw a slight drop in support from 32.4% to 31.9%. The Democratic Party's surge is further characterized by a significant increase in popular support within urban areas, notably Seoul, where the party gained 10.9 percentage points.
The analysis by Real Meter suggests that the Democratic Party's rise in popularity is not only due to the government’s effective policy initiatives but also a reflection of the internal struggles within the opposition, leading to a wider gap in voter preference. The overall findings of this polling could indicate a crucial shift in the political dynamics in South Korea, with implications for future elections and party strategies as the government continues to focus on economic recovery amidst global challenges.