South Korean President Yoon Suk-yeol said on Thursday his government's efforts to improve people's lives had fallen short, conceding a crushing election defeat for his ruling party last month reflected voters' assessment of his two years in office.

As part of a major policy push, Yoon also said a new government ministry would be created to address the country's record low birthrate and fast-aging society.

Yoon's comments in his first news conference in 21 months come after the heavy defeat of his People Power Party following an April 10 vote, which prompted calls for a change in his leadership style and policy direction to salvage a presidency not yet at the halfway point.