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Mr Lee conceded defeat and congratulated his opponent.
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“I did my finest, however did not dwell as much as your expectations,” he instructed a information convention, blaming his “shortcomings”.
“The president-elect, I desperately ask you to beat divisions and conflicts and open an period of integration and unity.”
Mr Yoon had but to make an official acceptance speech. However as he left house for marketing campaign headquarters, he mentioned it had been a “very lengthy evening” and thanked a whole lot of supporters who gathered in entrance of his house.
South Korean presidential candidate Lee Jae-myung of the Democratic Social gathering admits defeat within the election on the get together’s headquarters on 10 March, 2022 in Seoul, South Korea. Supply: Getty / Chung Sung-Jun
The unusually bitter election marketing campaign was marred by scandals and smears, however the coverage stakes are excessive for the nation of 52 million.
Round 77 per cent of South Korea’s 44 million eligible voters solid ballots to choose the chief of a nation whose world standing is rising even because it has been riven by gender and generational divisions, whereas going through a confrontational North Korea.
The winner should deal with challenges together with South Korea’s worst wave of COVID-19 infections, rising inequality and surging house costs, whereas navigating an more and more tense rivalry between China and america.
Voters additionally need the brand new president to root out graft and pursue negotiations to curb North Korea’s nuclear ambitions.
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