Lee Jae-myung secured South Korea’s presidency Wednesday morning after his conservative opponent Kim Moon-soo conceded defeat in a snap election triggered by the impeachment crisis. Exit polls showed Lee capturing 51.7% of votes against Kim’s 39.3%, marking a decisive shift away from the ruling People Power Party.
The Democratic Party leader will assume office immediately, bypassing the traditional transition period as the country grapples with economic headwinds and deteriorating trade relations with Washington. South Korea’s economy contracted last year and faces additional pressure from President Trump’s tariff policies, leaving Lee roughly 30 days to negotiate before a 90-day pause expires.
Lee’s victory represents a sharp rebuke of former President Yoon Suk Yeol’s legacy. Yoon was removed from office in April following his botched martial law declaration in December, which plunged the nation into constitutional crisis. Kim, who served as Yoon’s labor minister and opposed the impeachment, struggled to distance himself from the disgraced administration.
The election drew higher turnout than the previous contest, with over 18% of eligible voters casting ballots by mid-morning. Lee’s campaign emphasized economic recovery and pragmatic governance, though he faces immediate tests on trade policy and relations with North Korea.
Financial markets will closely watch Lee’s policy direction as he inherits significant fiscal and diplomatic challenges.
