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Lee Myung-bak won a landslide victory in December's presidential election, defeating the closest liberal opponent by 22.6 percentage points -- the largest margin in South Korea's democratic history.
His political status was further boosted in April when his ruling conservative party secured a majority in the 299-member National Assembly, grabbing 153 seats, marking a dramatic gain from 112 seats in the outgoing single-chamber legislature.
However, the approval rating of the CEO-turned-politician, which had run as high as 70 percent when he was inaugurated in February, has recently plummeted to below 30 percent. His popularity stood at 28 percent early this week, down from around 40 percent last month, according to a poll by the ruling party's think tank.
Another poll conducted late week jointly by the CBS radio station and polling agency Real Meter showed Lee's approval rating had sunk to 35.1 percent, compared with 47.2 percent a month before. The popularity of the ruling Grand National Party has also halved to 30 percent.
Polling experts said Lee's low approval rating was unprecedented as a newly inaugurated president, warning his rock-bottom popularity could lead to political limbo. Public surveys showed that a series of scandals involving his aides combined with flip-flop policies and the protracted economic slump to undermine Lee's popularity.
Many of Lee's aides in the presidential office and the Cabinet have been accused of amassing wealth through illicit real estate transactions and other irregularities. The personal wealth of Lee's aides is much bigger than ordinary South Korean citizens, and several face allegations of real estate speculation, tax evasion and other wrongdoing.
The presidential office and the Cabinet have been widely perceived as a "place of the wealthy." Big real estate portfolios by civil servants are largely seen as evidence of speculation and corruption.
In the face of a mounting public outcry, Lee's senior secretary for social policy stepped down last week after media reports revealed she fabricated documents to acquire land whose price has sharply risen. But the opposition parties have called for dismissals of more presidential aides for wrongdoing and ethical lapses.
The sliding economy poses another big burden on Lee, who was elected on a pledge to push for a growth-oriented economic policy. Lee has vowed to achieve an annual economic growth of 7 percent, but has recently revised this year's growth target down to 6 percent. Economists forecast the country's economy can expand less than 5 percent, citing soaring energy and raw material costs.
Lee's recent decision to reopen the South Korean market to U.S. beef despite fears of mad cow disease has fueled public criticism against the pro-U.S. government. Mad cow fears have spread quickly here since last week after local media reports questioned the safety of U.S. beef, raising concerns that the brain-wasting mad cow disease may be transmitted to humans.
Some reports even claimed South Koreans are more genetically vulnerable to the risks of the sickness that can result from eating beef infected with mad cow disease. More than 10,000 people, including civic activists, students and mothers, have staged protest rallies in Seoul against U.S. beef imports almost every day since late last week.
Protestors shouted slogans, such as "Do not sell mad cow," but some of them launched a political campaign against Lee, chanting, "Out with Lee Myung-bak" and "Impeach Lee Myung-bak."
An Internet-based petition calling for Lee's parliamentary impeachment has collected more than 1.2 million signatures as of Wednesday evening. Protesters also chanted anti-U.S. slogans, triggering concerns about a revival of anti-American sentiment in the country.
The opposition parties say the U.S. beef deal, which came just ahead of a summit between Lee and U.S. President George W. Bush, was a result of Lee's "humble" diplomacy.
Lee has become the first South Korean leader invited to the U.S. presidential retreat in Maryland, which has raised suspicions that the market opening was a present for Bush in return for the summit at Camp David.
Lee has branded the moves against U.S. beef imports as "politically motivated," defending his decision to resume U.S. beef imports. But in the face of growing criticism, Lee stepped back Wednesday, saying his government would immediately stop U.S. beef imports if public health is threatened and stressing the government is "always determined to protect public health."
The main opposition party has intensified political attacks on Lee, calling for the government to revoke the agreement on resuming imports of U.S. at the risk of straining ties with the United Sates. Civic groups and student organizations have vowed to press ahead with their protests until the government scraps the U.S. beef import plan.