NEW : President Barack Obama congratulates Park Geun - young , praises outgoing leader . As in many other elections around the world , the economy is the No . 1 issue for South Korean voters . Park says her victory is a victory for South Koreans ; outgoing president also congratulates her . Rival Moon Jae - in gives victory to Park , as YTN reports . South Korea is a strategic Western ally and Asia 's fourth - largest economy .
NEW : President Barack Obama congratulates Park Geun - young , praises outgoing leader . Park says her victory is a victory for South Koreans ; outgoing president also congratulates her . Rival Moon Jae - in gives victory to Park , as YTN reports . South Korea is a strategic Western ally and Asia 's fourth - largest economy .