On December 16, 2024, the Constitutional Court of South Korea decided to hold its first official session regarding the impeachment of President Yoon Suk-yeol at the end of December 2024. This coincided with the president being summoned for questioning for the second time—after previously failing to respond—to investigate him as a suspect in charges of rebellion and abuse of power connected to the declaration of martial law in early December 2024.
On the same day, the leader of the ruling People Power Party, Han Dong-hoon, announced his resignation following the National Assembly’s approval of a motion to impeach President Yoon due to his decision to impose martial law; a decision that lasted only a few hours, sparked widespread controversy, and was seen by the opposition as a coup against democracy.
In light of the rapid political events in Seoul, the country is facing an unprecedented political crisis after the National Assembly voted overwhelmingly in favor of impeaching President Yoon, who took office in 2022. The opposition successfully rallied National Assembly members and the public to support the impeachment decision, resulting in President Yoon being suspended from performing his presidential duties.
Domestic Implications
The moves to impeach the South Korean president carry several implications at the domestic level, which can be outlined as follows:
Pressure for President Yoon to Resign: South Korea has seen a chaotic political situation following President Yoon being barred from leaving the country and undergoing formal investigation on charges of “treason” after his decision to impose and subsequently revoke martial law. Yoon’s attempt to impose martial law to consolidate power and suppress opposition backfired. His plan quickly unraveled after widespread popular and political rejection of martial law, leading him to confront his destiny with diminishing support from his party and rising public protests, along with a suspension of his presidential authority until the Constitutional Court decides on his impeachment.
In general, Yoon’s actions have posed a severe threat to the democratic foundations of South Korea and undermined public confidence in his leadership. Numerous prominent political leaders have stated that the president’s ability to govern has increasingly been put at risk.
Possibility of Arrest Warrant for Yoon: Despite the National Assembly’s vote for impeachment, Yoon vowed not to surrender, asserting that he would do everything possible to ensure the country’s stability until the very end. Thus, he refused a request from prosecutors to appear for questioning as part of a separate investigation into his declaration of martial law, justifying that he had not yet appointed legal representatives. If Yoon continues to defy requests for questioning, the joint investigation team may seek a court order for an arrest warrant against him.
This follows the arrest of former Defense Minister Kim Young-hyun, after a warrant was issued by the Seoul District Court, accusing him of engaging in “core” activities related to rebellion and abusing his power to obstruct the exercise of rights.
In a sign of President Yoon’s potential defiance of the existing situation, he stated in an address published by his office, after the parliament passed the impeachment bill: “I will never surrender, and I feel frustrated that all efforts so far will go to waste.” Stemming from Yoon’s insistence on remaining in office until the end of his term, along with the increasing political uncertainty and likelihood of early elections, the country may face a potential constitutional crisis.
Constitutional Court’s Possible Support for Impeachment: The court, comprised of six judges, will review the case within 180 days of its receipt to decide whether to uphold the National Assembly’s impeachment decision against Yoon or restore him to office. If the Constitutional Court supports the impeachment, Yoon would become the second president to be impeached in South Korea’s history, following former President Park Geun-hye, who was removed from office in 2017. Early presidential elections would then be held within 60 days to determine his successor, during which all presidential powers would be suspended.
Deepening Divisions within the Ruling Party: The resignation of the leader of the ruling People Power Party, Han Dong-hoon, who is considered one of President Yoon’s closest allies, not only marks the end of a long-standing alliance between the two but also reflects deep internal divisions. As the political crisis continues, the People Power Party has begun to experience internal schisms and a sharp decline in popularity, with some members announcing their intention to vote for Yoon’s impeachment, despite the political and personal risks they face.
Member of Parliament Kim Sang-wook, who decided to support the impeachment proposal, stated that “the president is wholly unqualified to lead the country,” despite some members still holding loyalty to Yoon. Kim asserted that the party needs a comprehensive rebuilding to restore voter confidence, viewing this crisis as an opportunity to reflect on past mistakes and reassess the future of Korean democracy.
Increasing Calls for Political System Changes: The current crisis may enhance the opposition’s position, potentially leading to shifts in political power and a reassessment of political alliances in the lead-up to upcoming presidential elections. As trust in the government diminishes, the influence of civil society and grassroots movements may grow, prompting calls for constitutional changes or enhanced institutional guarantees to prevent future executive overreach, alongside a promotion of transparency and accountability and a reaffirmation of democratic norms.
Strengthening Parliament’s Authority: The National Assembly played a critical role in resisting the martial law declaration. Legislators from both the opposition and within Yoon’s own party challenged the decision. The Assembly’s ability to override the decree by a majority vote highlighted its importance as a democratic safeguard. This action also bolstered the National Assembly’s authority as a bulwark against executive overreach, ensuring the preservation of the separation of powers amid a potential crisis.
The motion to impeach Yoon passed with a vote of 204 in favor, 85 against, with 3 abstentions, and 8 invalid votes. The ruling People Power Party, to which Yoon belongs, decided to participate in the vote shortly before it occurred, revealing that 12 members of the ruling party broke away from the party line in favor of impeachment. This came after the first attempt to impeach Yoon failed on December 7, 2024, when nearly all members of the People Power Party boycotted the voting session.
Unifying the Opposition: The crisis has helped to unify the opposition, as it may use the current momentum to enhance its influence and push for early elections. In this context, some analysts expect that opposition leader Lee Jae-myung, who narrowly lost to Yoon in 2022, could win future elections to succeed him.
Despite efforts by the military and police to control the National Assembly building following the martial law declaration on December 3, 2024, the opposition leader called on Democratic Party members to enter the assembly to vote against the presidential decree. Indeed, members were able to break through barriers with the help of thousands of unarmed protesters confronting military and police forces and reached the assembly hall. Within an hour, food prices surged, and stock prices fell, but the protesters managed to secure the assembly, which unanimously voted to reject the decree in an emergency session attended by 190 of the 300 members. Just six hours later, President Yoon announced that he would retract his decision to impose martial law, and that military forces would return to their barracks.
Economic Instability Concerns: South Korea has been experiencing a degree of economic instability amid the ongoing political crisis. While the local currency (South Korean won) reached its lowest level in over two years against the dollar, exchange-traded funds linked to South Korean stocks relatively reduced their losses after the martial law was canceled. The currency value rebounded after the Ministry of Finance promised unlimited liquidity following an emergency meeting to take steps to protect market stability.
The South Korean Ministry of Finance pledged on December 15 to continue swiftly and effectively implementing market stability measures to support the economy after the president’s temporary imposition of martial law. It confirmed that it would remain actively engaged with parliament to maintain economic stability, indicating it plans to announce its biannual policy agenda before the end of the year. Naturally, economic stability in Seoul heavily relies on a swift resolution of the crisis; ongoing strikes and political unrest will exacerbate economic problems.
External Repercussions
The effects of the South Korean president’s impeachment crisis will not be confined to the internal scene but will also have external ramifications, which can be explained as follows:
Increased Ally Concerns Regarding Seoul’s Policies: In an effort to reassure allies and calm financial markets, South Korea’s Prime Minister and acting president, Han Duck-soo, sought to confirm the stability of the country’s foreign and security policies following President Yoon’s impeachment over attempts to impose martial law.
The South Korean Foreign Ministry sent a message to foreign diplomatic missions in Seoul clarifying that there was little to no impact from the failed martial law attempt by the president and that the country remains safe. Meanwhile, South Korean Foreign Minister Park Jin informed lawmakers that he will make “every effort to restore confidence in international relations and maintain the alliance between South Korea and the United States.”
Undermining South Korea’s Image as a Democracy: The crisis has shaken South Korea’s image as a democratic nation. Although the National Assembly successfully obstructed Yoon’s attempts at imposing martial law, the fragility of the Korean political system has become apparent. In this regard, Yun Kyung-in, a research professor at Korea University, stated that mass protests reflect popular resistance against any attempts to undermine democracy, noting that Koreans view democracy as an inherent right, not a privilege.
Impact on the Country’s International Reputation: South Korea’s reputation and diplomatic relations have been affected due to the crisis. While the country hoped to enhance its role on the global stage and join the G7, these ambitions have taken a severe blow due to the current crisis, with the country projected to take some time to recover from the situation and regain the confidence of its citizens and the international community.
Postponement of Nuclear Talks Between Seoul and Washington: The repercussions of the crisis have extended to security matters, with nuclear talks between South Korea and the United States—intended to bolster nuclear deterrence against threats from North Korea—being postponed. This has raised concerns about the potential impact of the political crisis on regional security on the Korean Peninsula, where North Korea might exploit this situation to enhance its regional standing. The postponement of talks signifies the impact of internal crises on South Korea’s capacity to maintain its security and diplomatic commitments.
Washington’s Support for Parliamentary Decision to Impeach the President: The United States issued a statement commenting on the political developments in South Korea following the National Assembly’s vote for impeachment, reiterating its support for the Republic of Korea, its citizens, and their democratic processes and the rule of law.
It emphasized the U.S. commitment to the unwavering alliance between the United States and South Korea. Additionally, Washington hinted at its readiness to continue cooperating with Seoul under acting president Han Duck-soo and the government of the Republic of Korea to promote mutual interests and shared values.
Possibility of North Korea Exploiting the Crisis for Its Own Interests: The South Korean news agency Yonhap reported that North Korean media remained silent regarding President Yoon’s impeachment, suggesting that North Korea may distance itself from the South while declaring inter-Korean relations as hostile. Some analysts believe that the regime in Pyongyang hopes to use the upheaval south of its heavily fortified border to its advantage and may take unexpected steps to destabilize the Korean Peninsula. Analysts expect that leaders in Russia, China, and North Korea will be particularly eager to monitor the political unrest in South Korea, possibly sensing a geopolitical advantage.
Increased Investor Concern: Many investors have expressed anxiety regarding the management of the world’s fourth-largest economy. While the stock market has fallen and the South Korean won has depreciated against the dollar, hitting its lowest point since the global financial crisis, the Bank of Korea plans to utilize all available policy tools, in coordination with the government, to face and avoid increased volatility in financial markets and currency markets.
The ongoing unrest highlights the close relationship between political stability and economic performance, particularly in a country highly reliant on investor confidence and global markets. When comparing the current situation to past presidential impeachments, the Bank of Korea noted that the current context presents larger external challenges, such as increasing uncertainty within the trading environment and heightened global competition.
In this context, the Governor of the Bank of Korea, Lee Chang-yong, noted that the export-driven economy of the country is at risk due to U.S. President Donald Trump’s trade policies more than the internal political crisis or the president’s impeachment.
A Crucial Test
Overall, the political crisis experienced by South Korea following the imposition of martial law can be considered a political and legal test for democratic institutions, amid the opposition unifying for impeachment, the president’s insistence on not surrendering, and the significant divisions within the ruling party. The crisis presents an opportunity to strengthen democratic institutions and confront the president’s exploitation of power, potentially ensuring a form of political reform in the upcoming period, with increased calls for accountability and transparency, especially from the opposition and civil society, along with the possibility of expedited demands for institutional reforms to prevent future executive overreach.
Despite the president retracting his extraordinary measures and the military’s maturity in not seizing the opportunity to advance the dismantling of the democratic transition through armed coup and withdraw from the scene, risks concerning the crisis’s repercussions remain high, with the president steadfast in his refusal to surrender. Consequently, it is likely that pressure on President Yoon to resign will persist, as many— even within his own party— view his continued presidency as a source of instability.
