A forum hosted by People's Solidarity for Participatory Democracy is held in Jongno-gu, Seoul, on May 15. By reporter Moon Jae-won

In the June 3 presidential election campaign, the issues of polarization and inequality have all but vanished. Major candidates have entirely omitted terms like “polarization” and “inequality” from their campaign pledges. As Korea faces the threat of falling into an era of low growth, with economic growth potentially slipping to the 0 percent range, leading presidential hopefuls are rallying around the slogan “growth first, distribution later.” Issues such as poverty, income and wealth gaps, and the divide between regular and irregular workers have been overshadowed by the focus on economic growth. Some argue that it is necessary to discuss “what kind of growth it is” before achieving it.

The Democratic Party of Korea (DPK)’s candidate Lee Jae-myung was the first to advocate for "growth first, distribution later.” In his appearance on MBC’s 100-Minute Debate in February this year, Lee said, “Without focusing on the economy, we’ll face negative growth. When that happens, there’s no room to talk about distribution or fairness,” adding, “Welfare only exists if we survive.” In fact, his list of ten major campaign pledges submitted to the National Election Commission does not mention “reducing inequality and polarization” at all.

Like the former Yoon Suk-yeol administration, the DPK is also pushing for “economic growth through tax cuts.” It promises a 10percent tax credit for domestically produced and sold semiconductors and proposes to establish a 50 trillion won national fund for advanced industries, backed by aggressive tax incentives.

Kim Moon-soo, candidate for the People Power Party (PPP), has made “freedom-led growth and a business-friendly country” his No.1 pledge. He promises to stimulate economic growth through deregulation in emerging industries and new technologies, and vows to reduce corporate, income, inheritance, and property taxes. There is no mention whatsoever of addressing social polarization.

Presidential candidate Lee Jun-seok of the Reform New Party has also focused solely on “deregulation.” Only Kwon Young-guk, candidate for the Democratic Labor Party, promised to “resolve inequality through tax increases” as his number one campaign pledge.

The effective disappearance of the inequality agenda from the presidential race is largely due to the DPK’s political shift to the right. By positioning himself as a centrist conservative, Lee Jae-myung has narrowed the ideological gap between the DPK and the PPP. This is a stark departure from the DPK’s past emphasis on addressing inequality, distribution, and welfare.

At a forum hosted by People's Solidarity for Participatory Democracy on May 15, Kim Yoon-tae, a professor at Korea University's School of Public Policy, said, “Following the prolonged economic downturn after the coronavirus pandemic and the onset of trade wars, there has been a noticeable ‘silence on inequality,’ weakening calls for social justice.” He added, “But economic growth alone does not automatically eliminate poverty or reduce inequality.”

The Yoon administration’s attempts at growth through tax cuts have ultimately failed. In the first quarter of this year, Korea’s GDP contracted by 0.2 percent. Due to three years of tax cuts under the Yoon government, the next administration is projected to face a 100 trillion won shortfall in tax revenue over the next five years. Meanwhile, indicators of inequality have worsened. Last year, the net asset Gini coefficient, a key indicator of wealth inequality, stood at 0.612, the highest level since 2012 (0.617). The relative poverty rate, which reflects the proportion of households earning less than 50 percent of the median income, remained unchanged at 14.9 percent in 2023.

The presidential candidates’ emphasis on growth over distribution also runs counter to global economic trends that emphasize the harmony of growth and equity. The Organization for Economic Co-operation and Development (OECD) has been advocating for “inclusive growth,” where the wealth that comes with growth is shared widely across society.

Na Won-joon, professor of economics at Kyungpook National University, commented, “Each candidate must answer why they want growth, what kind of growth they envision, and what it means to raise GDP by 0.1 percent.” He warned, “Korea’s history of growth has cast long shadows of inequality. If we pursue growth without reforming our distribution structure, it will only benefit the wealthy and large corporations.”