South Korean opposition candidate Yoon Suk-yeol was elected president in Wednesday's election,with ruling party candidate Lee Jae-myung conceding defeat and congratulating his opponent, APA reports quoting Reuters.
With more than 95% of the votes counted and Yoon leading, Lee spoke to reporters at Democratic Party headquarters early on Thursday and conceded he had fallen short.
The unusually bitter election campaign was marred by scandals and smears, but the policy stakes are high for the country of 52 million.
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