SEOUL– Ruling party presidential candidate Lee Jae-myung and his main opposition rival Yoon Suk-yeol were competing within the margin of error with less than 50 percent of the vote each, two exit polls showed Wednesday, indicating that this year’s election will be one of the closest presidential races in history.
Lee of the liberal Democratic Party (DP) was projected to win 47.8 percent of the vote against Yoon of the conservative People Power Party (PPP)’s 48.4 percent, according to a joint exit poll by broadcasters KBS, MBC and SBS.
In a separate exit poll by broadcaster JTBC, Lee led Yoon 48.4 percent to 47.7 percent.
In both polls, Sim Sang-jeung, the candidate of the minor progressive Justice Party, garnered 2.5 percent.
As vote counting began nationwide, a winner was not expected to emerge until early Thursday.
The exit polls drew mixed responses from the two parties as DP campaign officials appeared relieved at the better-than-expected performance of their candidate and PPP officials showed alarm.
Internally, the PPP had projected Yoon to gain a comfortable lead over Lee.
Final voter turnout was estimated at 77.1 percent, lower than earlier expectations and just shy of the 77.2 percent in the previous presidential election in 2017, according to the National Election Commission.
Of the nearly 44.2 million eligible voters, more than 34 million had cast their ballots.
This year’s race was billed as an “unlikeable election” due to the public’s aversion to the candidates and their negative campaigning against each other.
Lee, 57, a former Gyeonggi Province governor, used his background in public administration to campaign under the slogan of a competent and pragmatic president who will get things done in both the economy and foreign relations.
Yoon, 61, a former prosecutor general, rode a wave of public anger at the administration of outgoing President Moon Jae-in and his ruling party to seize on a message of fairness, common sense, principle and the rule of law.
A potential tiebreaker between the two arrived last Thursday, when the third-placed candidate, Ahn Cheol-soo of the minor opposition People’s Party, dropped out of the race to support Yoon. Ahn had had about 10 percent support before his withdrawal.
The impact of that coalition was difficult to gauge because of a blackout on all nationwide polls last week. Many believed the coalition boosted Yoon’s chances, but others warned it could backfire and result in motivating more Lee supporters to vote.
The results of Wednesday’s election could have profound impacts on the direction South Korea will take on key issues, as Lee and Yoon differ on foreign policy, including relations with North Korea, and economic issues, such as welfare and real estate policies.
Yoon takes a hard line on national security, saying a preemptive strike may be needed to respond to an imminent threat from North Korea. He has also pledged to deploy additional units of the U.S. THAAD antimissile system in South Korea to deter North Korean aggression.
In contrast, Lee has taken a more conciliatory approach to the North, saying the overriding goal in Seoul’s policy toward Pyongyang is to prevent another war on the peninsula.
He has called for simultaneously pursuing North Korea’s denuclearization and sanctions relief, and protested that Yoon’s remarks only raised tensions with North Korea and China at the expense of South Korea’s economy.
This election was seen by many as the country’s worst election because of the high degree of negative campaigning on all sides, creating an unusually large number of swing voters, who postponed their choices until the last minute.
On the one hand, Lee was suspected of involvement in a massive corruption case behind the 2015 development of an apartment complex in Seongnam, south of Seoul, during his time as the city’s mayor.
His wife, Kim Hye-kyung, was accused of misusing public servants and government credit cards when Lee was governor of Gyeonggi Province.
On the other hand, Yoon faced allegations he associated closely with shamans and relied on them for advice.
His biggest liability during the campaign was arguably his wife, Kim Keon-hee, who was accused of accepting bribes and manipulating stocks long before he launched his presidential bid.
Late last year, she came under attack for allegedly lying on her resume while applying for jobs at two universities in 2007 and 2013.
Source: Yonhap News Agency