South Korean President Yoon Suk Yeol said on Thursday he would "humbly accept" the results of his party's heavy defeat in parliamentary elections.
The liberal opposition Democratic Party (DP) won a landslide victory over Yoon's ruling conservative People Power Party (PPP) in Wednesday's vote.
The DP, together with its smaller sister party the Democratic Alliance of Korea, will hold 175 seats, giving it an absolute majority in the 300-member unicameral parliament, the state election commission said.
Yoon's PPP and its satellite party garnered 108 seats.
In response, Prime Minister Han Duck Soo offered his resignation to President Yoon, who now faces the prospect of being a lame duck through the end of his term in 2027.
In South Korea's political system almost all key decisions are made by the president. The president also appoints the prime minister.
However, the prime minster's appointment requires the approval of parliament, which could put Yoon in a difficult position moving forward.
South Korean media reported that some of Yoon's top advisors have also offered their resignations, in addition to the prime minister. However, it was unclear if he would accept them.
The election was seen in large part as a referendum on Yoon's management of Asia fourth-largest economy, two years after he was elected to the presidency.
"I will humbly accept the will of the people expressed in the election," said Yoon according to a spokesman. The president said he was focussed on stabilizing the slowing economy and improving living conditions.
More than 44.25 million citizens were eligible to cast their ballot in Wednesday's vote. According to preliminary figures from the state electoral commission, the turnout was 67%, the highest figure for parliamentary elections in 32 years.
