Significance
Neither is from their party’s mainstream, and has never been elected as a lawmaker. The conservative, Yoon Seok-youl, is a former prosecutor general. The liberal, Lee Jae-myung, was a provincial governor until late October. Whoever wins will succeed Moon Jae-in on May 9 for a single five-year term, until 2027.
Impacts
Even if Yoon wins, the liberals will control the legislature until at least April 2024 and will do their best to block his initiatives.
The election will be fought mainly on domestic issues; if foreign policy becomes salient, this will benefit the pro-US, Japan-friendly Yoon.
Lee's universal basic income proposal would make South Korea the first major economy to adopt such a policy.