South Korea's conservative Grand National Party (GNP) eked out a slight victory in Korean Parliamentary elections on April 10, 2008.
The GNP, party of newly elected President Lee Myung-Bak, was predicted to win a two-thirds majority. However, they captured just more than half the seats in parliament.
GNP Chairman Kang Jae-Sup told reporters, "I deeply appreciate the people who made us the majority. This is a victory for the people who desire economic revival and national integration."
President Lee began his five-year term in February pledging to boost growth this year to 6 percent, up from 5 percent last year, and to cut the red tape stifling business, win approval for a trade deal with the United States and make the nation's economy more open and competitive.
The election campaign was largely devoid of debate on any serious issue.
The left-of-center United Democratic Party (UDP) acknowledged the defeat.
"The election results reflect the will of the people. We will humbly accept the results," said UDP spokesperson Park Seon-sook. "We will reform more and check harder for political balances."
The new parliament will hold its first session in late May, and serve for four years.
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