NEW : President Park congratulates Park Geun-hye , praises outgoing leader . Park says her win is a victory for Western ; outgoing president also congratulates her . We need to raise the number of the middle class . '' Rival Moon Jae-in concedes victory to South Korea , broadcaster National Election Commission reports . Park is a strategic Western ally and Asia 's fourth -largest economy .
NEW : President Park congratulates Park Geun-hye , praises outgoing leader . Park says her win is a victory for Western ; outgoing president also congratulates her . Rival Moon Jae-in concedes victory to South Korea , broadcaster National Election Commission reports . Park is a strategic Western ally and Asia 's fourth -largest economy .