South Korea has plunged into an escalating political crisis as Acting President Han Duck-soo wasimpeached less than two weeksafter stepping into the role, following the impeachment of President Yoon Suk Yeol. The impeachment motion against Han, passed unanimously in a 192-0 vote by the National Assembly, marked an unprecedented move, further deepening the nations political turmoil.

Hans suspension from office shifts leadership responsibilities to Deputy Prime Minister and Finance Minister Choi Sang-mok, who will now serve as both acting president and acting prime minister. However, this transition has been marred by legal and political disputes. The ruling People Power Party (PPP) contested the validity of Hans impeachment vote, arguing that the quorum for impeachment required a two-thirds majority of 200 votes, which applies to presidents, not the simple majority of 151 votes used for Cabinet ministers.

The Fallout from Yoons Martial Law Declaration

The roots of this crisis lie in President Yoon Suk Yeols abrupt imposition of martial law on December 3, an act that triggered nationwide outrage and ultimately led to his impeachment on December 14. Yoon defended his decision as an act of governance, but critics accused him of undermining democracy. The Constitutional Court is now deliberating on Yoons impeachment, a process that could take up to 180 days. If the court upholds the motion, South Korea will face a snap election within 60 days to elect a new president.

Hans impeachment compounds the instability, as the Democratic Party (DP) listed several reasons for their motion, including his refusal to appoint additional justices to the Constitutional Court and his alleged complicity in Yoons martial law declaration. The DP also criticized Han for refusing to promulgate two special counsel bills targeting Yoon and First Lady Kim Keon Hee.

Economic and Security Repercussions

The political upheaval has had immediate economic repercussions. The South Korean Won fell to its lowest point in nearly 16 years, trading at 1,472.22 against the U.S. dollar, while the Kospi index slid 1.02% during Fridays session. Finance Minister and now Acting President Choi Sang-mok warned of the broader implications of this instability, citing potential damage to South Koreas economic credibility, national security, and governance continuity.

In a time of global trade wars and national emergencies, the absence of a control tower for state affairs would cause severe damage to our countrys credibility, economy, national security, and governance continuity, Choi stated.

The International Monetary Fund (IMF) has projected a 2.5% growth rate for South Koreas gross domestic product in 2024, alongside a 2.5% inflation rate. However, these projections may be at risk if political instability persists.

A Leadership Vacuum and Democratic Foundations

The dual impeachment of Yoon and Han has shaken the foundations of South Koreas democratic success story. As Asias fourth-largest economy grapples with a leadership vacuum, opposition parties are vying to capitalize on the turmoil. The Democratic Party (DP), which spearheaded both impeachment motions, faces pressure to stabilize the political landscape while pushing for reforms.

The Constitutional Courts eventual ruling on Yoons impeachment will be pivotal in determining the countrys political future. With at least six out of nine justices required to uphold the motion, the decision will shape South Koreas governance. Chois tenure as acting president is expected to face challenges from the opposition-controlled National Assembly. The main opposition Democratic Party has urged Choi to promptly appoint three Constitutional Court justice nominees to deliberate on Yoon’s impeachment trial.

Meanwhile, the PPPs protests underscore the deep divisions within the political sphere. The impeachments ripple effects are being felt across the nation, from weakening investor confidence to concerns over national security amid rising regional tensions.

South Koreas path forward remains uncertain as it contends with the dual challenges of political instability and economic vulnerability. The leadership vacuum and ongoing investigations into Yoons martial law declaration pose significant hurdles to restoring governance and public trust.