(VOVworld) – Park Geun-hye, 60-year-old leader of the Saenuri Party, defeated Moon Jae-in of the Democratic United Party (DUP) in the presidential election on December 19 to become South Korea’s first female President. Her term, which will begin in February, will face the challenges of an economic downturn and tensions on the Korean peninsula.

Park Geun-hye, the first female President of the Republic of Korea

Park Geun-Hye won the presidential election with South Korea’s economy at its lowest level in 3 years. Foreign investment, especially from the Eurozone, has plunged. The Central Bank of Korea recently lowered the economic growth rate to 2.4% from the previous estimation of 3%. The economy is expected to continue its downward trend next year as the real estate market falls and the unemployment rate among young people increases. The income gap between the rich and the poor has widened. The number of households living near the poverty line has increased 10% since 2006.

Territorial disputes with Japan and North Korea’s nuclear issues remain, particular when Pyongyang just launched a satellite. Analysts say the two Koreas’ relations have deteriorated during the incumbent president Lee Myung-bak’s term.

To ease voters’ concerns, Ms. Park has promised to resolve social issues like educational overload, housing for young couples, unemployment risk among people over 40, and the lonely elderly. The new government plans to boost the construction of a naval base on Jeju island, improve the capacity of marine police, and expand the social security network. In order to develop a new economic model, Ms. Park aims to form a new Ministry of Science and Innovation to support economic reform and job generation.

Ms. Park pledges to respect the Prime Minister’s right to choose the new cabinet. She raised the possibility of revising the Constitution to shorten the presidential term from 5 years to 4 years.

The president-elect said the new government will maintain an open policy to improve relations with North Korea, resume humanitarian activities and family reunions between the two Koreas, enhance inter-Korean trade, and expand the joint Kaesong Industrial Zone. She promised to separate humanitarian aid from political issues, and said any big investment in North Korea should promote a nuclear-free Korean peninsula.

Analysts say the South Korean female President is well qualified for her new post. Her involvement in politics began when she was 22 and her father Park Chung-hye was the President. She has served five terms as a parliamentarian. Committed to improving people’s lives and national unity, Park Geun-Hye is expected to build on the prestige of her father to solve South Korea’s security and economic problems.

Hong Van