Conservatives win back power in South Korea’s presidential election

Conservatives won back power in South Korea’s presidential election on Thursday after a tight race.

Yoon Suk-yeol of the conservative People Power Party finished ahead of Lee Jae-myung of the Democratic Party, 48.6 percent to 47.8 percent, with more than 99 percent of the votes tabulated, according to The Associated Press.

Lee conceded to Yoon right before 4 a.m. local time on Thursday, when he was behind by 263,000 votes, according to a tally from the National Election Commission cited by The New York Times.

At that point, 98 percent of the votes had been tabulated.

The concession came after a tight race, which was deemed too close to call on Wednesday.

“This is the victory of our great people,” Yoon said in a victory speech, according to the AP. “I would respect our constitution and parliament and work together with the opposition party to serve our people properly.”

He will assume office in May, when his single five-year term is set to begin.

Lee, while conceding victory, said he “did my best but wasn’t able to live up to expectation,” according to the AP.

“I congratulate candidate Yoon Suk-yeol. I sincerely ask the president-elect to overcome division and conflicts and open a new era of unity and harmony,” he added.

About 77 percent of South Korea’s 44 million eligible voters cast ballots in the election, according to Reuters. The race was labeled the “unlikable election” because both candidates wrestled with scandals, gaffes and swapped jabs, according to the outlet.

Yoon will succeed sitting President Moon Jae-in, who is barred from running for a second term by South Korea’s constitution. The switch from a Moon presidency to one run by Yoon will represent a transition from progressive politics to conservatism.

Yoon, the former prosecutor general of South Korea, is taking the reins of the country as a crucial time — South Korea is grappling with an increase in COVID-19 cases, heightened inequality and spiking home prices, according to Reuters.

Additionally, Yoon will lead South Korea as tensions between the U.S. and China continue to rise.