13 April 2016: South Korean parliamentary elections result in shock defeat for ruling Saenuri party
In a result confounding pundits, South Korea's ruling conservative Saenuri Party lost its parliamentary majority for the first time in 16 years. Earlier predictions suggested President Park Geun-hye's party would easily win. It is said that voters registered their dissatisfaction with the President's economic record and soaring youth unemployment. The election result could jeopardize an economic reform program Park wants to push through before her term ends next year. The program would introduce economic deregulation and labor reforms in response to the country's stagnant economy. The result left the three liberal opposition parties with a combined 167 seats in the 300-seat legislature. Park said she "humbly" accepted her ruling party's shock electoral defeat and vowed to work together with the current opposition.
