South Korea’s President Impeached After Failed Martial Law Attempt #

South Korea’s President Yoon Suk Yeol was impeached in a parliamentary vote following his brief attempt to impose martial law in early December. This development necessitates a presidential election within 60 days if the incumbent is dismissed or resigns.

The impeachment motion succeeded after a previous attempt on December 7 failed to gain the required votes. The political landscape shifted when the leader of Yoon’s own People Power Party appeared to support the impeachment vote and called for an ethics committee to discuss Yoon’s departure from the party.

The impeachment was triggered by Yoon’s brief imposition of martial law on December 3, citing the need to protect the constitutional order and eradicate anti-state groups. This action, reversed within six hours, raised concerns about potential future attempts at nationwide martial law.

Yoon’s presidency has been marred by scandals, many involving his wife, businesswoman Kim Keon Hee. His approval rating plummeted to 17.3% following the martial law incident. Despite mounting calls to step down from opposition lawmakers and protesters, Yoon resisted and has been banned from leaving the country.

This is not unprecedented in South Korean politics, as previous presidents Roh Moo-hyun and Park Geun-hye were also removed through impeachment proceedings in 2004 and 2016, respectively.

In a defiant national address, Yoon pledged to “fight to the end” and “stand firm,” questioning the opposition’s claims that the declaration of martial law equates to insurrection.

The political turmoil initially caused market unrest and raised concerns about democratic stability in Asia’s fourth-largest economy. However, some observers are now refocusing on local earnings and the country’s role in the AI industry.

South Korea’s economy, heavily reliant on tech, chips, and AI, is forecasted by the International Monetary Fund to expand by 2.5% this year.