SEOUL — South Korea’s liberal candidate Lee Jae-myung was elected president on Wednesday with 48.2 percent of the vote, defeating conservative rival Kim Moon-soo by a margin of 1.7 percentage points in a closely contested race that exposed deep ideological fissures in a country still grappling with the aftermath of last year’s failed martial law declaration and the subsequent political crisis that brought down the previous administration.
Lee’s victory marks a dramatic political reversal for the former chief judge of Gyeonggi Province, who twice failed to win presidential elections — losing narrowly to Park Geun-hye in 2017 and again to Yoon Suk-yeol in 2022 — before Wednesday’s result delivered him the presidency at his third attempt. He will be sworn in on June 3 and is expected to immediately begin forming a transition team and naming a prime minister.
Addressing supporters at his campaign headquarters in Seoul, Lee acknowledged the deep divisions in South Korean society and pledged to govern as “president for all citizens, not just those who voted for me.” He said his immediate priority would be “restoring economic stability and creating a fair society where opportunity is not determined by your background.” His victory speech made no direct reference to foreign policy or North Korea.
Kim conceded defeat in a brief statement, telling supporters: “The people have made their decision and I respect it. I will serve as a responsible opposition leader.” Kim had run a campaign focused heavily on national security and economic management, arguing that Lee’s liberal economic policies would damage South Korea’s international competitiveness.
Lee’s presidency introduces significant uncertainty into South Korea’s alliance relationships with the United States and Japan. During the campaign, Lee took a more cautious stance toward the US military presence, suggesting he would review the Status of Forces Agreement that governs US troops in South Korea. He also said he would seek to improve relations with North Korea and China, raising concerns in Washington and Tokyo about the direction of the alliance.
The US State Department issued a statement saying the United States “looks forward to working with President-elect Lee” and highlighted the strength of the US-South Korea alliance. A White House spokesperson said President Biden had called Lee to congratulate him and reaffirm the US commitment to the relationship. Japan issued a similar statement, with Prime Minister Ishiba’s office saying Tokyo was “ready to deepen cooperation with the new South Korean administration.”
North Korea’s state media had no immediate comment on Lee’s election. Kim Jong Un’s regime had publicly expressed preference for Kim Moon-soo during the campaign, with North Korean propaganda describing Lee as “a war monger who would bring disaster to the Korean Peninsula.” Analysts said Pyongyang would likely adjust its posture toward Seoul once Lee’s policy priorities became clearer.
Markets reacted positively to Lee’s victory, with the KOSPI rising 1.4 percent in early trading. The Korean won strengthened slightly against the dollar. Political analysts said markets were relieved that Lee’s margin of victory was not larger, which would have signalled a stronger mandate for more radical policy changes. Lee has moderated his economic positions significantly since his 2022 defeat, moving toward a more market-friendly stance under pressure from swing voters.
Sources: Yonhap, Reuters, AP, BBC, The Korea Herald, JoongAng Ilbo, Korea Central Election Commission, US State Department, Japan Cabinet Office, KCNA
Written by Kenji Tanaka, Asia-Pacific Bureau Chief
Kenji Tanaka
Kenji Tanaka covers Asia Pacific security, technology, and geopolitics from Tokyo.