South Korea is currently engulfed in deepening political turmoil following President Yoon Suk Yeol's controversial declaration of martial law—an unprecedented event for the nation since 1979. This drastic move, made on December 3, was ostensibly aimed at quelling threats from 'anti-state forces' and North Korea. It quickly backfired, leading to widespread protests and his subsequent impeachment on December 14, alongside the recent impeachment of acting President Han Duck-soo.
Yoon's martial law declaration came at a time when he was facing intense political pressure. The conservative People's Power Party (PPP), of which Yoon is part, had just seen the opposition enact significant cuts to the government’s proposed budget. According to experts, this left Yoon with little recourse but to invoke such extreme measures. Celeste Arrington, director of The George Washington University Institute for Korean Studies, described Yoon's situation as increasingly desperate, noting he had become "a lame duck president" with little power beyond vetoing opposition bills.
On the night of the martial law announcement, public reaction was immediate and ferocious. Lawmakers and citizens joined forces to protest, chanting slogans like "No martial law" and "Strike down dictatorship" outside the National Assembly. Opposition leader Lee Jae-myung urged supporters to mobilize and make their voices heard against Yoon’s unilateral decision. By the early hours of December 4, just hours after the declaration, the National Assembly had convened and voted to rescind Yoon's martial law order, with 190 out of 300 members present ruling the declaration unconstitutional.
The tension escalated from there. Following the vote against martial law, Yoon's political fate hung precariously. The opposition swiftly initiated impeachment proceedings against him, with discussions intensifying around allegations of misconduct involving his administration and family. Public sentiment, captured by various polls, indicated overwhelming discontent—three-quarters of respondents reportedly favoring Yoon's ousting.
By December 14, the opposition's efforts bore fruit. A significant number of PPP members sided with the opposition, allowing the impeachment motion to pass with the necessary 200 votes. Han Duck-soo, who took over as acting president following Yoon's impeachment, now faces similar scrutiny. His position as acting president has already been challenged, with the National Assembly voting 192-0 to impeach him on December 22, marking yet another significant event in this volatile period.
Unlike typical impeachment procedures for full presidents, which require a two-thirds majority of the National Assembly, the rules governing the impeachment of acting presidents are murkier. This maneuvering continues to exacerbate the sense of instability swirling around South Korean governance. Analysts say the expedited impeachment of Han reflects growing frustrations and fears about political accountability.
This political rollercoaster has not gone unnoticed by economic analysts. The South Korean won plunged to its lowest levels against the US dollar since the global financial crisis, illustrating how the chaos is eroding market confidence. Reports indicated the won reached heightening levels of around 1,480.20 per US dollar, sparking fears about the effect of political crises on South Korea's economic outlook moving forward. The Bank of Korea's composite sentiment index also reported a staggering drop, with business outlook decreasing by 7.3 points, the worst decline since April 2020.
With Choi Sang-mok now taking over as the acting president, there are questions about how effective new leadership can stabilize the situation. Choi emphasized the importance of minimizing governmental turmoil, stating, "Minimizing governmental turmoil is of utmost importance at this moment," yet the path forward remains uncertain.
The chaotic political climate not only raises questions about internal stability but also poses serious ramifications for South Korea's international standing. The impeachments of both Yoon and Han reflect broader issues within Korean governance and the struggle to maintain democratic principles amid rising discontent and political polarization.
Looking forward, with political uncertainty festering and economic indicators raising alarms, the future of South Korea's governance hangs in the balance. Observers domestically and abroad will be watching closely to see if the newly appointed leaders can navigate through this unprecedented crisis and restore stability in one of Asia's key democracies.
