South Korean opposition leader announces presidential bid

South Korean opposition leader Lee Jae-myung announced his bid for the presidency Thursday, pledging to tackle economic inequality and stimulate growth.

Lee stepped down Wednesday from his Democratic Party (DP) chairmanship to run for president in elections scheduled for June 3, which were triggered by the ouster of former President Yoon Suk Yeol over his short-lived martial law declaration in December.

In a video released Thursday, Lee, who is the front-runner in opinion polls to be the country's next leader, pledged to fix economic polarization that he said was a key source of social conflict, which he felt had exacerbated the recent political turmoil in the country following Yoon's martial law declaration.

Considering himself a pragmatist, he said he would drive large-scale investments at the government level in technology and talent development to resuscitate economic growth.

Lee was elected chairman of the DP after losing the presidential race by a slim margin to Yoon in 2022. He led his party to a landslide victory in a parliamentary election in April last year.