South Korea’s new President Lee Jae-myung pledges economic renewal, recovery after martial law crisis

Lee Jae-myung was sworn in as South Korea's new liberal president on Wednesday, pledging to guide the nation out of the political upheaval triggered by a recent martial law crisis and to revitalize an economy grappling with sluggish growth and rising global protectionism.

In a regular presidential election, South Korea allows for a months-long transition period – but as Lee's victory came in a snap election after Yoon's impeachment, his term began right away.

"The National Election Commission hereby declares Lee Jae-myung of the Democratic Party as the elected president," National Election Commission chairperson Roh Tae-ak said.

According to the National Election Commission, Lee Jae-myung won 49.42 per cent of the nearly 35 million votes cast while conservative rival Kim Moon-soo took 41.15 per cent in the polls that brought the highest turnout for a presidential election since 1997.

Now at the helm, Lee inherits a deeply divided nation and a host of formidable challenges – from restoring public trust after the democratic crisis to navigating the growing economic uncertainty fueled by unpredictable protectionist policies from the United States, one of South Korea’s key trade and security partners.

“We can overcome this temporary difficulty with the combined strength of our people, who have great capabilities,” he said.

In his capacity as the President of South Korea, Lee Jae-Myung said he would first address the economic challenges, focusing on the cost-of-living concerns.

He also faces a deadline set by the White House on negotiating import duties that Washington has blamed for a large trade imbalance between the countries.

(With Reuters inputs)