been sworn in as the country's new president,

taking office early Wednesday after the National Election Commission formally announced the election. The unexpected election comes after former President Yun Suk-yeol's controversial martial law move and subsequent impeachment.

France 24 reported this in a report on Wednesday (June 4).

Lee Jae-myung defeated the opposition right-wing candidate Kim Moon-soo by a wide margin. Lee received 49.4 percent of the total vote, while Kim received 41.2 percent. Kim's party was in crisis due to internal conflicts and the splitting of the right-wing vote by a third-party candidate.

South Korea typically has

a lengthy transition period after a presidential election, but the impeachment of Yoon Suk-yeol forced the election to take place so quickly that the new president's term began immediately.

National Election Commission Chairman Roh Tae-ak officially announced, "We declare Lee Jae-myung of the Democratic Party as the elected president of South Korea."

Earlier in the night, Kim Moon-soo admitted defeat before the results were in.

Tough challenges ahead

Lee Jae-myung takes office at a time when South Korea is grappling with multiple crises—economic stagnation, a global trade war, and growing concerns about the rapprochement between nuclear-armed North Korea and Russia. In addition, the country's democratic institutions have been dealt a major blow by outgoing President Yoon's declaration of martial law.

"From this moment on,

our new journey begins. Those who did not vote for me are also citizens of this country—we will all move forward together," Lee said in his victory speech.

He called for dialogue and cooperation with the North for peaceful coexistence and shared prosperity.

Starting from the military, the next step is following tradition