Kim Moon-soo's concession means Democratic Party candidate Lee Jae-myung has won the election to be South Korea's next leader. In a speech just concluded, Lee vowed to restore the country's economy and to make peace in the Korean peninsula.

Several world leaders on Wednesday congratulated South Korea’s newly elected President Lee Jae-myung over victory in snap polls triggered by former President Yoon Suk Yeol's failed martial law bid. South Korea's main opposition Democratic Party leader Lee Jae-myung was elected as the country’s 14th president.

(Reuters) -South Korea has elected liberal Lee Jae-myung as president to lead the country through a tumultuous period that will require negotiating trade tariffs with the U.S. and mending the scars from his ousted predecessor's shock martial law declaration.