S. Korea opposition beats ruling party in election

STORY: South Korea's conservative president was dealt a resounding blow on Wednesday, as the country's liberal opposition scored a landslide victory in a parliamentary election.

The liberals were projected to fall just short of the 200 seats needed for a super majority.

But their win likely means political gridlock ahead for President Yoon Suk Yeol.

Main opposition Democratic Party leader Lee Jae-myung thanked supporters and called it a "great victory for our people."

Lee had led a combative campaign against Yoon.

He urged Yoon's party to work together with the opposition towards an economic recovery, calling it their top priority.

The ruling People Power Party was set to win just 108 seats.

President Yoon, who took office in May 2022, was not up for election this time.

But the bitterly fought race was seen by some analysts as a referendum on his leadership, coming as Yoon's popularity falters under a cost-of-living crisis and a series of political scandals.

Yoon "humbly accepted" the election results and pledged to renew his administration, his chief of staff said.

His party's leader, Han Dong-hoon, took responsibility for the loss and said he would step down.

Prime Minister Han Duck-soo and other senior aides also offered to resign, according to Yonhap News.

Political science professor Lee Jun-han of Incheon National University says the poll is seen as a midterm election, with voters sending a message that the government's economic policies were failing.

He said Yoon's hands will now be even more tied than before when it comes to moving his plans forward.

"With the opposition at nearly 190 seats, I think the difficulties with passing legislation, budget, and state administration will continue in the future."

Analysts expect the liberals to block policies that include tax cuts for businesses.

Yoon still has three years to go in the five-year single term allowed by the constitution.