The governing Democratic Party's Lee Jae-myung admits defeat early Thursday morning
South Korea has chosen opposition candidate, Yoon Suk-yeol, as the country's next president following a close-run race.
The governing Democratic Party's Lee Jae-myung admitted defeat early Thursday morning, apologising to supporters for his "shortcomings".
Conservative Mr Yoon called his win a "victory of the great people".
Both candidates have been accused of running negative campaigns, and ended separated by less than 1% of the vote.
Wednesday's election saw a high turn out, with more than three quarters of eligible voters casting their ballots.
Top of voters' concerns were skyrocketing house prices, stagnant economic growth, and stubborn youth unemployment.
The White House has already sent its congratulations to Mr Yoon, saying US President Joe Biden is looking forward to further expanding the two countries ties.
SOURCE: BBC NEWS
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