After the Strong Man Disappeared... "Global Leadership Is Nowhere to Be Seen"

Concerns over stagflation amid COVID-19 resurgence, energy crisis, and other global adversities
Rising sense of crisis despite challenges
Warning signs of leadership vacuum... In emerging countries, presidents themselves become liabilities

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Hyun-jung] Amid a flood of adverse factors such as the resurgence of COVID-19, concerns over stagflation (rising prices amid economic recession), and the energy crisis, global leadership to overcome these challenges has disappeared. Since the strong right-wing leaders once called 'strong men' were successively ousted, major country leaders have been focusing on internal politics and resolving domestic issues.

U.S. President Joe Biden is widely seen as lacking the capacity to lead and manage global issues while trailing former President Donald Trump in hypothetical matchups for the next U.S. presidential election.

According to a poll conducted by Emerson College from the 19th to 20th (local time) surveying 1,078 registered voters nationwide (margin of error ±2.9%) and released on the 22nd, President Biden received 43% support in the 2024 presidential election hypothetical matchup, trailing former President Trump's 46% support.

Chinese President Xi Jinping is focusing on the 20th National Congress of the Communist Party of China (Party Congress), scheduled for mid to late October. The Party Congress, held once every five years, will decide whether the president will be reappointed, and President Xi is aiming for a third term. While he is also making efforts to engage globally, such as inviting European leaders to Beijing in November, his immediate focus appears to be on thoroughly preventing the resurgence of COVID-19 to ensure no obstacles to his third term.

In Europe, political turmoil is intensifying, leading to a comprehensive leadership crisis. British Prime Minister Boris Johnson faced pressure to resign over scandals including a drinking party during COVID-19 lockdowns and controversies over lies related to personnel matters, eventually stepping down. His successors are expected to be Rishi Sunak, an Indian-origin elite and former Chancellor of the Exchequer, and Liz Truss, a staunch Brexit supporter and former Foreign Secretary.

In Southern Europe, political turmoil is worsening as Mario Draghi, Italy's prime minister who had served as a de facto 'economic firefighter,' resigned following the collapse of the coalition government. Consequently, Italy must hold a general election this fall for the first time in its constitutional history, and administrative and legislative processes such as next year's budget formulation are expected to face setbacks.

[Image source=EPA Yonhap News]

French President Emmanuel Macron, who had increased his presence by actively engaging in dialogue with Russia around the Ukraine war, is also struggling after losing public support. In last month's general election, his centrist ruling coalition 'Ensemble' failed to secure a majority, while left-wing alliances and far-right parties made significant gains.

The situation is worse in emerging countries where the national system is weak and leadership capabilities are crucial. A representative case is Sri Lanka, where the president fled abroad to escape anti-government protesters angry over economic collapse. Former President Gotabaya Rajapaksa fled to the Maldives and then Singapore, submitting his resignation via email to the Speaker of Parliament. Protesters continue to oppose the appointed successor, Prime Minister Ranil Wickremesinghe.

In El Salvador, which adopted the cryptocurrency Bitcoin as legal tender but now faces a sovereign debt crisis, misjudgment by President Nayib Bukele is a key factor. Known as a cryptocurrency enthusiast, he registered Bitcoin as legal tender worldwide for the first time in September last year and purchased 2,301 Bitcoins in nine separate transactions. However, actual usage has been low, and with Bitcoin's value plummeting, the country has suffered massive losses.

Regarding this, the Wall Street Journal (WSJ) recently pointed out, "Across Europe, facing the resurgence of COVID-19, energy crisis, soaring prices, and recession fears, political crises have been occurring one after another." Gideon Rachman, a columnist for the Financial Times, explained, "Strongman leaders have emerged in both authoritarian and democratic systems, but they eventually stop in democratic countries," adding, "In democracies, voters are the true guardians of the system."

This content was produced with the assistance of AI translation services.