Whoever wins South Korea’s presidential election Wednesday will face a host of major issues, including skyrocketing housing prices, threats from nuclear-armed North Korea and a debate about how to heal a nation sharply split along ideological, generational and gender lines.

Here’s what to know about the election for leader of the world’s 10th-largest economy.

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WHAT’S AT STAKE

The winner will take office on May 10 for a single five-year term. Current liberal President Moon Jae-in is barred by law from seeking reelection. The candidate who receives the most votes is declared the winner, even if that person fails to achieve majority support.

The present election system was adopted in 1987 when South Korea’s then military-backed government caved to massive pro-democracy protests and accepted sweeping liberalizing measures.

THE CANDIDATES

The election has boiled down to a showdown between ruling liberal Democratic Party candidate, Lee Jae-Myung, and his conservative opposition rival, Yoon Suk Yeol, from the People Power Party. Both have been criticized for negative campaigning and for not presenting long-term visions on how to lead South Korea.

Lee is a former governor of the populous Gyeonggi province that surrounds Seoul, while Yoon is a former prosecutor general who entered party politics last year.

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WHO CAN VOTE

About 44 million South Korean nationals aged 18 or older are eligible to vote, out of the country’s population of about 52 million people. About 16 million of them already cast ballots during early voting last week.

Separately, about 161,820 voters who are living abroad also already cast ballots at polling booths established at South Korean diplomatic facilities. Tens of thousands of others on remote islands, at nursing homes or on ships have been voting by mail or fax.

On Wednesday, polling stations are open from 6 a.m. to 7:30 p.m.