South Korea's right is looking to remake itself after a massive defeat in this week's snap presidential election that left it with little power to challenge the ruling Democratic Party. New leader Lee Jae-myung and his party now control parliament and the presidency with Tuesday's polls exposing the smouldering resentment in South Korea over former President Yoon Suk Yeol's botched martial law declaration in December.

South Korea's new liberal President Lee Jae-myung began his term on Wednesday, vowing to raise the country from the turmoil of a martial law crisis and revive an economy reeling from slowing growth and the threat of global protectionism.

Just hours after winning the South Korean presidency, Lee Jae-myung has pledged to "unite the people" in his inauguration speech on Wednesday. The 61-year-old won a snap election by 49.4% - a clear rejection of his rival, Kim Moon-soo, who came from the same party as impeached president Yoon Suk Yeol.