• Lee Jae-myung elected as South Korea's new president with 49.42% of the vote.
• Turnout reached 79.4%, the highest in 28 years, reflecting public engagement.
• Lee pledges to revive the economy and restore dialogue with North Korea.
• His election comes after the impeachment of Yoon Suk Yeol over a failed martial law attempt.
• Lee's government will focus on tackling economic challenges and improving international relations.

South Korea's new President Lee Jae-myung was sworn in on June 4 after a decisive victory in a snap election, where he garnered 49.42% of the vote amidst the highest turnout in nearly three decades at 79.4%. His election marks a significant shift in the political landscape following the chaotic reign of former President Yoon Suk Yeol, who was ousted due to a failed attempt to impose martial law, drawing public anger and protests, according to The Jakarta Post and HuffPost.

In his inaugural address, Lee promised to address the nation's economic troubles and foster stronger relations with North Korea through renewed dialogue. He emphasizes peace over conflict, stating "no matter how costly, peace is still cheaper than war," highlighting his intent to stabilize the Korean Peninsula. He plans to navigate the global challenges posed by rising protectionism, particularly from the U.S., as well as North Korea’s military threats, according to The New York Times and South China Morning Post.

Lee has vowed to implement immediate economic measures, including a 30 trillion won stimulus package to combat stagnating growth, which is now projected at only 0.8% for the year. He identifies the urgent need for recovery from a recent economic slowdown exacerbated by high tariffs imposed by the Trump administration. His administration faces the challenge of reviving public trust and addressing the populace's hardships, as articulated in a cabinet meeting shortly after assuming office, according to Reuters and Channel News Asia.

Lee's appointments of key cabinet members, including his first cabinet nominee, Kim Min-seok as prime minister, reflect his strategy for continuity while addressing the urgent economic challenges facing the nation. His government will also re-evaluate South Korea's stance in international trade and regional cooperation following decades of conservative policies, which will be crucial in navigating relations with both North Korea and the United States, as emphasized by various analysts following his election, according to Anadolu Agency and The Jakarta Post.