South Korea’s political landscape faces heightened uncertainty as the opposition Democratic Party (DP) prepares to submit a bill for Han Duck-soo’s impeachment, aiming to remove the acting president from office.
The DP, which holds a parliamentary majority, accuses Han of deliberately stalling legislation to establish a special counsel investigation into impeached President Yoon Suk Yeol’s brief but controversial attempt to impose martial law on December 3rd. The party claims Han’s refusal to approve the legislation reflects his complicity in Yoon’s actions and has also reported him to the police for allegedly aiding the former president’s plans.
The Road to Han Duck-soo’s Impeachment
Han, a seasoned technocrat with over 30 years of experience under both conservative and liberal governments, has denied wrongdoing, stating that he attempted to prevent Yoon’s martial law declaration but ultimately failed. His reluctance to place the special counsel bills on the cabinet agenda has deepened tensions, with the DP accusing him of deliberately buying time to obstruct the investigation.
In parallel, the Constitutional Court has decided to proceed with Yoon’s impeachment trial despite the presidential office repeatedly refusing to accept official court documents. Investigators have also struggled to access key evidence, as the presidential security service blocked two attempted police raids on Yoon’s office. Authorities have since requested the preservation of crucial evidence, including data from a secure phone server.
Meanwhile, Yoon’s defense team insists they are not delaying proceedings but need adequate time to prepare. Investigators have scheduled a second attempt to question Yoon on December 25, though it remains unclear if he will comply.
The outcome of these intertwined political and legal battles could significantly impact South Korea’s governance and public trust in its institutions.
Economic Fallout from Political Instability
South Korea’s ongoing political crisis is beginning to cast a shadow over its economic outlook. Finance Minister Choi Sang-mok acknowledged that economic growth is likely to slow as investor confidence weakens and uncertainty looms over key policy decisions.
The government is preparing to revise its growth forecasts for this year and next, with expectations of a figure below the country’s potential growth rate. The South Korean won recently plummeted to its lowest level in 15 years, driven by heightened political tensions following President Yoon Suk Yeol’s brief attempt to impose martial law and his subsequent impeachment.
Concerns over fiscal stability have also intensified, with calls for proactive fiscal measures to stabilize the economy. While Choi refrained from confirming plans for a supplementary budget, he emphasized the need for fiscal policies to play an active role in mitigating economic risks. Collaborative efforts with the Bank of Korea are also underway to address volatility in the foreign exchange market and restore financial stability amid the turbulence caused by Han Duck-soo’s impeachment and the wider political crisis.
