ISTANBUL

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

The National Election Commission (NEC) confirmed Lee as president at 6.21 am local time Wednesday (2121GMT Tuesday), according to Yonhap News Agency.

This time South Korea will not see a transition period of 60 days, and instead, the new leader will quickly begin his term, with fresh policy decisions expected on issues including US tariffs, the sluggish domestic economy and all-time low ties with North Korea.

Lee's inauguration ceremony will be held at 11 am local time (0200GMT).

With all of the votes counted, Lee secured more than 49.42%, while Kim Moon-soo of the outgoing ruling People Power Party received 41.15%, according to official data.

Lee received more than 17 million votes.

Some 79.4% of a total 44.3 million eligible voters cast their ballots in the country's 21st presidential election, including South Koreans living overseas.

The provisional voter turnout was the highest in 28 years.

Lee’s rival conceded defeat even before vote counting was completed.

The snap polls were triggered when former President Yoon, in a failed bid, imposed martial law last December, following which he was impeached by parliament and subsequently ousted from office by South Korea's Constitutional Court in April.