South Korea's new President Lee Jae-myung  sought to project a message of unity as he took office on Wednesday in a country wracked by political division since a short-lived martial law declaration in December.

"No matter whom you supported in this election, I will serve as a president for all, to embrace and serve every citizen," Lee said during his swearing-in ceremony at the National Assembly.

He also pledged to reinvigorate the nation's economy and pursue policies that help ordinary people, both at home and abroad. His declaration comes as multiple national and international organizations, including the Organization for Economic Cooperation and Development (OECD), are downgrading growth forecasts for the South Korean economy. The OECD this week predicted only a 1% GDP growth in 2025.

"It is time to restore security and peace, which have been reduced to tools of political strife, to rebuild livelihoods and the economy damaged by indifference, incompetence and irresponsibility, and to revive democracy that has been undermined by armored vehicles and automatic rifles," Lee said.  

The reference to vehicles and weapons is a barb against his predecessor Yoon Suk Yeol, who was removed from office and is still on trial for briefly declaring martial law six months ago. While the move sparked outrage across the country, some members of the military, the Presidential Security Service (PSS) and sections of the public sided with Yoon before his eventual arrest.

Lee just short of 50% support

The short-lived attempt to prop up Yoon with military force revived unhappy memories in South Korea — a country which experienced periods of military rule until the 1980s.

It has massively harmed the image of Yoon's conservative People Power Party (PPP), and arguably allowed Lee and his Democratic Party to claim power with 49.42% of the total vote, while PPP rival Kim Moon-soo secured only 41.15%. The third candidate in the single-round vote, Lee Jun-seok from the Reform party, finished the race at 8.34%.

"This result is seen as a judgment by the people against the PPP's imposition of martial law, and I believe this election marks a new stage in the maturity of Korean democracy," said Hyobin Lee, a professor at Sogang University in Seoul. "With the emergence of this new administration, many changes are expected."

New president brings hopes for better ties with China, North Korea

With the election over, Lee's administration now needs to face challenges on many fronts, not least in the form of US trade tariffs and tense relationships with immediate neighbors North Korea, China and Japan.

It is widely anticipated that Lee's administration will be more pro-China than previous administrations, Hyobin Lee told DW. Beijing is Seoul's most important trade partner, and South Korea is also deeply concerned about the reliability of the present US administration when it comes to both security and trade.

Closer ties with Beijing may also help mitigate the threat posed by North Korea, still a close ally of China. On the campaign trail, Lee indicated that he intends to rebuild bridges with Pyongyang, although that may be even more difficult now due to new security and trade ties between North Korea and Russia. North Korean dictator Kim Jong Un may even choose to deliberately and publicly snub any approach from Lee.

Will Lee rule without checks and balances?

And back on the home front, even among those South Koreans who took to the streets to protest Yoon's declaration of martial law, there is now concern that too much power is concentrated in the hands of the Democratic Party and its leader.

Lee and his allies control 190 of the 300 seats in the National Assembly, making his camp "able to drive national policy in any direction it chooses, without effective opposition," says Seoul-based professor Hyobin.

"The lack of checks and balances could potentially put our democracy at risk," she added.

South Korea at a crossroads

Leif-Eric Easley, a professor of international studies at Ewha Womans University in Seoul, shares those concerns. He sees Lee's victory as a "watershed moment in South Korean politics," and warns that Lee's control of the executive branch and his large legislative majority give him vast amounts of power.

"South Korea could see institutional reforms and greater policy coherence in response to economic, foreign policy and democratic challenges," he suggested. "Or the country could face more political retribution, increasing polarization and counterproductive changes in governance."

Lee still in legal trouble, plans judicial reform

Park Jung-won, a professor of law at Dankook University, points out that President Lee did not win more than 50% of the votes, even given the handicaps that his opponents faced.

Lee has been embroiled in at least nine legal cases, most involving allegations of bribery, the illegal transfer of funds to North Korea and making false statements during election campaigns. In fact, he would not have been able to run for president if an appeal in one of the cases had gone ahead as planned.

But Lee successfully petitioned the courts to delay the case until after the election on the grounds that it would interfere with a fair vote. Park points out that the new government is now proposing legislative changes that would make it impossible for the case to go ahead in the future.

The DP also stated during the campaign that if elected it would seek to dissolve its main political adversary, the People Power Party, because it was headed by Yoon when he declared martial law.

Backlash against Lee likely

Actions that are perceived as hindering fair political processes will not go down well with the electorate, Park said.

"I anticipate there will be a honeymoon period for Lee and his new government, but the conservative media will not hesitate to criticize Lee if they feel he is going too far, and that could lead to a serious backlash from the public," he added.

Yet, Easley is hopeful that Lee will find the political equilibrium required to move on from the monthslong political crisis.

"Lee's electoral mandate is not for a progressive revolution but for pragmatic problem-solving," he said. "He has proved to be a political survivor, after legal scandals, questionable opposition tactics and even threats to his life."

Now, Easley said, the new president needs to "approach government not only with pragmatism for the national interest, but also with humility for social unity."

Edited by: Darko Janjevic