South Korea's Lee Jae-myung sworn in as new president

South Korea's new president Lee Jae-myung has taken the oath of office.

He was sworn in at an abbreviated inauguration ceremony on Wednesday morning local time at the National Assembly in the capital, Seoul.

In a speech following his inauguration, he vowed to restore South Korea's flagging economy and build a bridge of reconciliation.

The new president and his liberal Democratic Party government inherit an economy that is expected to grow this year by a only 0.8%, the weakest since 2020.

It will also need to unify a country deeply polarised by impeached former President Yoon Suk Yeol's attempt to impose martial law in December, 2024.

In his speech, Lee stressed that was time to restore democracy after the "martial law crisis."

He also said he would seek dialogue with North Korea to secure peace on the Korean peninsula.

"No matter how costly, peace is better than war," he said.