[Editorial] Clouds on the horizon

Korea’s export drive projected to face trouble in 2025 due to shift in chip sector The South Korean economy has been chugging along thanks to solid shipments of semiconductors this year. But the outlook for exports in 2025 is far from optimistic, and the reason also involves chips, the country’s key export item. Business organizations project that exports could stagnate next year largely due to worsening market conditions for semiconductors and automobiles. Demand for Korean chips may weaken ami

Dec. 25, 2024

[Wondong Lee, Joseph Yi] South Korea’s democracy at a crossroads: Rhetoric, polarization and institutional erosion.

South Korea’s impeachment votes against President Yoon Suk Yeol, unsuccessfully on Dec. 7 and successfully on Dec. 14, following his Dec. 3 martial law declaration, highlight the deep fractures within the country’s political landscape and the erosion of democratic norms that have long underpinned its institutions. Rather than serving as a moment of democratic reaffirmation, the impeachment attempts devolved into another proxy battlefield in the polarized war between progressives and conservative

Dec. 24, 2024

[Editorial] Undermining Han again

Opposition party threatens to impeach acting president if he rejects its demands The main opposition Democratic Party of Korea demanded acting President and Prime Minister Han Duck-soo sign, by Tuesday, bills appointing two special counsels -- one to investigate insurrection charges against President Yoon Suk Yeol and the other to probe allegations against first lady Kim Keon Hee. Park Chan-dae, the floor leader of the party, said that if Han refuses to accept the demand, the party would "hold h

Dec. 24, 2024

[Lim Woong] Democracy in crisis: A test of true citizenship

South Korea’s democracy has faced an extraordinary test. President Yoon Suk Yeol has been impeached by the National Assembly following his abrupt and short-lived declaration of martial law -- an act that was withdrawn within hours. The justifications for this extreme measure were dubious at best, failing to meet constitutional conditions and drawing accusations of treasonous overreach. However, this event, though shocking, did not occur in isolation. It was the culmination of a series of misstep

Dec. 24, 2024

[Joey S. Kim] South Korea, the United States and the fragility of democracy

On Dec 3, when President Yoon Suk Yeol declared emergency martial law in South Korea, I was stunned. I recalled the last time martial law was declared in South Korea in 1980 in an attempted coup by military dictator Chun Doo-hwan. On May 18, 1980, over 200,000 South Koreans led by students went out into the streets and protested Chun’s attempt in the famous Gwangju Democratic Uprising. Civilians were shot, beaten, stabbed, tear-gassed and killed, and the country entered 8 years under Chun’s brut

Dec. 24, 2024

[Yoo Choon-sik] Warnings on South Korea’s plunging potential growth

South Korea’s political landscape has plunged into one of its worst crises in years following the sitting president’s sudden declaration of martial law and attempt to incapacitate the National Assembly. His efforts have all failed, resulting in his impeachment by the parliament and likely removal from power before the natural end of his term. The severe political deadlock has pushed the country’s economy, already under pressure from various domestic and external challenges, deeper into a tailspi

Dec. 23, 2024

[Karishma Vaswani] Trump-Xi bromance has a chance

Xi Jinping and Donald Trump's bromance could be rekindled in 2025, if both sides play their cards right. This is positive and would help create the right environment for an improvement in ties between the two superpowers, but timing and tone are everything. The economic rivals will need to give and take to prevent the relationship from getting worse. There are potential signs of a rapprochement. It was a smart move by the US president-elect to invite Xi to his inauguration in January (the Chines

Dec. 23, 2024

[Editorial] Stabilize volatile won

Financial authorities need to step up policy measures to bolster value of Korean currency The South Korean currency stayed around its lowest level in 15 years Friday, reflecting heightened worry among investors about the 2025 outlook for US interest rates and the continued political turmoil sparked by President Yoon Suk Yeol’s martial law order and subsequent impeachment. The Korean won closed at 1,451.4 per dollar Friday, up 0.5 won from 1,451.9 the previous session -- the lowest level since Ma

Dec. 23, 2024

[Lee Byung-jong] The perils of political leadership

Following President Yoon Suk Yeol’s recent declaration of martial law and subsequent impeachment, many South Koreans find themselves in a state of profound shock and sorrow. Their pride in being citizens of a young yet vibrant democracy has been shattered, replaced by a deep sense of shame. However, they may draw some consolation by looking beyond their borders, where democracies -- whether old or seemingly robust -- are being challenged and undermined one by one. Across the globe, a ser

Dec. 20, 2024

[Editorial] Bracing for Trump

Now that the Constitutional Court will determine the fate of President Yoon Suk Yeol and his impeachment within the next six months, it seems inevitable that South Korea will handle a number of critical tasks in the absence of a sitting president. Prime Minister Han Duck-soo has assumed the role of acting president, but whether he can steer the country smoothly despite the political chaos following Yoon’s impeachment remains to be seen. One of the most critical challenges involves US Presi

Dec. 20, 2024

[Jiyoung Moon] Clash of traumas: Generational divides behind impeachment

Hundreds of thousands of people gathered in front of the National Assembly building in Yeouido, their eyes fixed on a large screen showing Woo Won-shik, speaker of the National Assembly. It was the moment he was about to announce the results of the impeachment vote against President Yoon Suk Yeol. When Woo finally declared that the impeachment vote had passed, the crowd burst into jubilant cheers, hugging one another, waving banners and K-pop glow sticks in celebration. At the same time, a con

Dec. 19, 2024

[Editorial] Lee's duplicity

The court on Tuesday suspended proceedings in the third-party bribery trial of Lee Jae-myung, leader of the main opposition Democratic Party of Korea, a case in which a million dollars in cash flowed illegally into North Korea five years ago. In 2019 as governor of Gyeonggi Province, Lee allegedly made Ssangbangwool Group give North Korea $8 million that the provincial government should have given out of its own coffers: $5 million in expenses for a provincial project to set up smart farms in th

Dec. 19, 2024

[Wang Son-taek] Why did we elect him as president?

In December 2024, the Republic of Korea is experiencing an embarrassing absurdity. A person who rose to the presidency, the pinnacle of political power, declared emergency martial law, an act that constituted political suicide. Although the situation is being settled as the National Assembly adopted a resolution demanding the immediate lifting of martial law and passed a presidential impeachment motion, people are still shocked by the unexpected massive disturbance. In particular, President Yoon

Dec. 19, 2024

[Editorial] Risks in financial market

The immediate economic risks linked to the aftermath of President Yoon Suk Yeol’s short-lived martial law decree seem to be fading away, at least for the moment, but concerns are still deepening over how the South Korean economy is to grapple with looming challenges in the absence of solid leadership. Not all business sectors are mired in a slump. For instance, the semiconductor sector, led by Samsung Electronics and SK hynix, has made a strong recovery this year, helping the country&rsquo

Dec. 18, 2024

[Kim Seong-kon] The yo-yo phenomenon in Korea's political climate

On Saturday, the National Assembly of South Korea passed a motion to impeach President Yoon Suk Yeol over his Dec. 3 martial law declaration. Supporters of his impeachment cheered in front of the National Assembly, while those who opposed it were despondent at Gwanghwamun Square. The world is now anxiously watching for signs of South Korea’s future, wondering, “What’s next?” According to foreign press, Korea will have to face “uncertainty” for a while. The pro

Dec. 18, 2024