South Korean President Yoon Suk Yeol Impeached Over Martial Law Attempt
Seoul, South Korea – In a dramatic turn of events, South Korean President Yoon Suk Yeol was impeached on Saturday after his failed attempt to impose martial law in early December. The move came after opposition lawmakers and party allies turned against him.
Yoon’s attempt to impose martial law on December 3, citing the need to “protect the constitutional order” and eradicate pro-North Korea anti-state groups, raised questions over the possibility of another nationwide martial law declaration. The measure was reversed within six hours, but the damage had already been done.
Yoon’s approval rating plummeted to 17.3% in the days following the incident, as he resisted calls to step down from opposition lawmakers and peaceful protesters. He has been banned from leaving the country.
The impeachment motion was triggered by a previous vote on December 7, which failed to gain the required 200 out of 300 votes in favor. However, PPP leader Han Dong-hoon threw his support behind the parliamentary vote to impeach Yoon on Thursday, calling for an ethics committee to discuss his departure from the party.
Yoon is not the first South Korean president to face an impeachment vote since the turn of the century, with Roh Moo-hyun and Park Geun-hye removed in 2004 and 2016, respectively.
Despite the turmoil, markets have stabilized, and investors are looking through the crisis and focusing on local earnings. The tech, chip, and booming AI industries play a central role in South Korea’s economy, which is expected to expand by 2.5% this year.
A presidential election must be held within 60 days if the incumbent is dismissed or resigns. The outcome of the election will have significant implications for the country’s political landscape and economy.