Yoon Suk Yeol, the presidential candidate of the main opposition People Power Party and a conservative former top prosecutor, gestures in front of his party headquarters in Seoul, South Korea, March 10, 2022, after being elected president of the Republic of Korea. (BAEK-SEUNG-RYUL/YONHAP VIA AP)
SEOUL – Opposition candidate Yoon Suk-yeol was elected president of the Republic of Korea in Wednesday's election, with ruling party candidate Lee Jae-myung conceding defeat and congratulating his opponent.
With more than 95 percent of the votes counted and Yoon leading, Lee spoke to reporters at Democratic Party headquarters early on Thursday and conceded he had fallen short.
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The winner must tackle challenges including the ROK's worst wave of COVID-19 infections, growing inequality and surging home prices
The unusually bitter election campaign was marred by scandals and smears, but the policy stakes are high for the country of 52 million.
Around 77 percent of the ROK's 44 million eligible voters cast ballots to pick the leader of a nation whose global status is rising even as it has been riven by gender and generational divisions.
The winner must tackle challenges including the ROK's worst wave of COVID-19 infections, growing inequality and surging home prices, while navigating an increasingly tense geopolitical situation.
The National Election Commission officials sort out ballots for counting after casting of votes in the presidential election at a gymnasium in Chuncheon, March 9, 2022. (YANG JI-UNG//YONHAP VIA AP)
Voters also want the new president to root out graft and pursue negotiations to curb the Democratic People’s Republic of Korea's nuclear ambitions.
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An exit poll jointly conducted by KBS and two other major broadcasters had shown Yoon's slight lead with 48.4 percent, and another one by cable network JTBC put Lee ahead with 48.4 percent to Yoon's 47.7 percent.