South Korea: Opposition candidate Yoon Suk-yeol elected president

South Korea has chosen opposition candidate, Yoon Suk-yeol, as the country's next president following a close-run race.

The governing Democratic Party's Lee Jae-myung admitted defeat early Thursday morning, apologising to supporters for his "shortcomings".

Conservative Mr Yoon called his win a "victory of the great people".

Both candidates have been accused of running negative campaigns, and ended separated by less than 1% of the vote.

Wednesday's election saw a high turn out, with more than three quarters of eligible voters casting their ballots.

Top of voters' concerns were skyrocketing house prices, stagnant economic growth, and stubborn youth unemployment.

The White House has already sent its congratulations to Mr Yoon, saying US President Joe Biden is looking forward to further expanding the two countries ties.

Mr Yoon only entered politics last year and rose to prominence for successfully prosecuting the former conservative president Park Geun-hye on bribery and corruption charges.

He has been compared to former United States president Donald Trump many times during the campaign including for his comment that the authoritarian president Chun Doo-hwan, who was responsible for massacring protesters in 1980, was "good at politics".

He has pledged to abolish the Ministry of Gender Equality and has blamed the rise of feminism for the country's low birth rate.

Mr Yoon is also more hawkish on foreign policy than the current President Moon Jae-in. He has said he will aim to develop technology to carry out a pre-emptive strike on North Korea if Pyongyang looks to attack Seoul and that he wants to be closer to ally United States and tougher on Beijing.

The political newcomer will take charge of the world's 10th largest economy, a key ally of the United States in Asia and a manufacturing powerhouse that has ambitions to lead the world in the development of next-generation technologies.

The inauguration ceremony will take place in May.