South Korea Lawmakers Vote to Impeach Acting President Han Duck-Soo
Seoul, South Korea – In a surprise move, South Korean lawmakers on Friday voted to impeach Acting President Han Duck-Soo, just two weeks after his predecessor, President Yoon Suk Yeol, was also impeached.
The motion was passed with a simple majority of 192-0, while governing party lawmakers boycotted the poll. Han’s own party, the Power People Party, had argued that filling vacancies in the Constitutional Court exceeded Han’s mandate as acting president.
The impeachment was brought about by opposition lawmakers, who were frustrated by Han’s reluctance to immediately appoint justices to the Constitutional Court, which is set to deliberate on Yoon’s impeachment or reinstatement. The court has 180 days to reach its conclusion.
Han has pledged to respect the decision, while Finance Minister Choi Sang-mok is next in line to take on the acting presidency under South Korean law.
The development has sent shockwaves through the country, plunging South Korea into renewed political turbulence and sending the Korean won currency down 0.40% to 1,472.22. The Kospi stock exchange also slid 1.02% during the day’s trading.
Finance Minister Choi warned of the economic and security impact of the impeachment on Asia’s fourth-largest economy, citing the potential damage to the country’s credibility, economy, national security, and governance continuity.
The International Monetary Fund projects 2.5% growth in South Korea’s gross domestic product for 2024, and a 2.5% inflation print over the period.