New South Korean President Yoon Suk-yeol sold his razor-thin election win over Lee Jae-myung as a “victory of the great South Korean people” and has promised to tackle growing economic disparity through deregulation and market-led policies.

But Yoon’s lack of policy experience and the difficulties his government faces in fostering post-election unity are cause for concern. Among a laundry list of challenges for the president is South Korea’s rock-bottom birth rate and aging population. Both have negative implications for the country’s economy, demographics and security.