Hyonhee Shin and Jack Kim

SEOUL (Reuters). Yoon Suk-yeol, the South Korean conservative opposition candidate was elected President on Wednesday. This election marked one of the most closely fought in recent history and will determine Asia’s fourth largest economy over the next five year.

Yoon (60), from the People Power Party was the winner with 48.6% to Lee Jae-myung, the Democratic Party’s leader with 47.8%. Yoon had around 99.3%, as the votes were counted at 5 AM on Thursday, 2000 GMT Wednesday.

Yoon stated that he will respect the constitution and parliament, and collaborate with the opposition parties in order to repair polarized politics and foster unity. He called the election “victory for the great people”.

He said, “Our competition has ended for now,” and thanked Lee and his rivals. “We must join hands to unite for the sake of our country and our people.”

Lee accepted defeat and was congratulated by his opponent.

He said, “I tried my best but did not live up to your expectations.”

“The President-elect, I urgently ask you to end all divisions and conflict and usher in an age of unity and integration.”

Yoon rose to prominence despite being an inexperienced politician. He led high-profile investigations into corrupt scandals that engulfed incumbent President Moon Jae In’s aides.

Yoon pledged to eradicate corruption, foster justice, and make the playing field more equal, as well as seeking a reset with China, and taking a stronger stance against North Korea’s reclusiveness.

Even though the election campaign was unusually bitter, more than 77% (44 million) of South Korean eligible voters cast their ballots for their next leader.

For a country with 52 million inhabitants and a growing global standing, policy is at the forefront of their minds. It has experienced gender- and generational divides, rising inequality, surging home values, and increased inequalities.

Yoon will also have to deal with problems such as South Korea’s most severe wave of COVID-19-related infections, and North Korea’s emerging nuclear and missile threats. He must also navigate the increasingly volatile rivalry between China (and America).