South Korea is facing significant political upheaval following the impeachment of acting President Han Duck-soo. This decision by lawmakers marks the second head-of-state dismissal within the span of a month, highlighting the country’s challenging political landscape.
Acting President Han Duck-soo was impeached on Friday in a vote by South Korea’s lawmakers, reflecting ongoing political instability after a brief martial decree on December 3. Han’s predecessor, President Yoon Suk Yeol, was impeached just two weeks earlier. This series of events has sent shockwaves through South Korea, unsettling its status as a democratic success story and adversely affecting its currency, the Korean won.
Finance Minister Choi Sang-mok is legally next in line to assume the role of acting president. This transition is taking place amidst concerns related to Han’s hesitance in appointing three justices to the Constitutional Court, crucial for deliberations on whether Yoon’s impeachment will be sustained or overturned. The Power People Party has contested Han’s authority to make such appointments, citing a deviation from his mandate as acting president.
The parliament approved the impeachment with a unanimous vote of 192-0, as the ruling party members abstained from the voting process. Despite the political discord, Han has publicly stated his acceptance of the parliamentary decision.
Choi Sang-mok has voiced concerns regarding the potential economic and security repercussions on South Korea, Asia’s fourth-largest economy. The finance minister warned of potential damage to the country’s credibility, economic stability, and governance continuity in the absence of stable leadership, especially amidst global trade tensions. This anxiety is reflected in financial markets, with the Korean won declining by 0.40% and the Kospi index dropping by 1.02% on Friday.
Meanwhile, the Constitutional Court has initiated preliminary hearings on Yoon’s impeachment case, which could take up to 180 days for resolution. This prolonged period adds uncertainty to South Korea’s governance, as the country navigates the complexities of their legal and political systems amidst pressing international and domestic challenges.
Notably, the International Monetary Fund forecasts a 2.5% growth for South Korea’s gross domestic product in 2024, with an expected inflation rate of the same figure. Such projections underscore the importance of maintaining economic stability during this political turbulence.
The impeachment of acting President Han Duck-soo intensifies South Korea’s political unrest, casting shadows on its economy and governance. With Finance Minister Choi Sang-mok poised to step into leadership, the country’s future remains uncertain, as observers watch closely how South Korea manages its internal and international challenges in the coming months.
Source: Nbcmiami
