Economic and Security Implications of Taiwan's 2024 Election Results

Wonho Yeon

Head of Economic Security Team, Korea Institute for International Economic Policy

whyeon@kiep.go.kr​ 

In Taiwan's January 2024 presidential election, Democratic Progressive Party candidate Tsai Ing-wen won. Given the war in Ukraine, the Israeli-Hamas conflict, the U.S. presidential election, and the economic situation in China, Taiwan's election results are not expected to cause immediate volatility in international affairs. However, given Xi Jinping's emphasis on unifying China, the intensification of U.S.-China strategic competition, and the globalization of the economy, it is clear that cross-Strait relations will continue to worsen. The incentives to resolve the crisis are high not only for the U.S. and China but also for South Korea, as the impact of the Taiwan Strait crisis on the Korean economy is significant, with supply chain disruptions including semiconductors and energy. It is time for South Korea to pay more attention to the Taiwan Strait issue and consider what it can do to promote peace and stability in the region.​