20 Dec 2012

Park Geun-hye becomes South Korea president

7:55 am on 20 December 2012

The daughter of a former military dictator has won South Korea's presidential election and will become the country's first female leader.

Park Geun-hye, 60, defeated her liberal rival Moon Jae-in, who admitted defeat as votes were still being counted.

Ms Park's father, Park Chung-hee, ruled the country from 1961 to 1979.

She replaces party colleague Lee Myung-bak, who is stepping down as the law requires after his five-year term.

Turnout was high in a poll dominated by economic and social welfare issues, the BBC reports.

Both candidates in the presidential race put forward broadly similar policies, promising to boost social welfare spending, close the gap between the rich and poor and rein in the family-run giant conglomerates known as chaebol.

Economic growth has fallen to about 2% after several decades in which it averaged 5.5%.