[비즈한국] At the final sentencing hearing held at the Constitutional Court's grand courtroom at 11:00 a.m. on the 4th, the Constitutional Court decided to remove President Yoon Suk-yeol from office with a unanimous vote of all eight justices. President Yoon has become the second president in the history of the Republic of Korea to be removed from office. This decision takes effect immediately upon the announcement. State affairs will be led for the time being by Prime Minister Han Duck-soo, acting as the President, and it is certain that the next presidential election will be held in early June.
As news broke on the 4th that President Yoon Suk-yeol had been removed from office, the stock market showed a volatile trend with repeated fluctuations. According to the Korea Exchange, the KOSPI opened at 2450.49, down 36.21 points (1.46%) from the previous day. The index, which had been reducing its losses during the session, turned to a rise around 11:00 a.m. when the sentencing began. However, as foreign selling followed immediately after the impeachment was upheld, the gains were wiped out. As of 12:43 p.m., the KOSPI is trading at 2448.62, down 38.08 points (-1.53%) from the previous day. The KOSDAQ is also trading at 678.61, down 4.88 points (0.71%).
At the same time, the won-dollar exchange rate quickly stabilized, falling 17.30 won (1.19%) to 1434.90 won (an increase in the value of the won).
Major Economic Organizations: "Now We Must Unite to Overcome the Economic Crisis"
Once the impeachment of former President Yoon Suk-yeol was upheld, the business community stated, "We respect the decision of the Constitutional Court," and emphasized that state affairs must be normalized as soon as possible to unite in overcoming the economic crisis.
The Korea Enterprises Federation stated, "By humbly accepting the Constitutional Court's decision, all citizens should end the extreme political and social confrontation and conflict caused by the impeachment situation and focus their capabilities on social integration and stability." They added, "We hope the government and the National Assembly will demonstrate cooperative leadership that transcends ruling and opposition parties to resolve the social confusion caused by the vacuum in state affairs and the division of public opinion. All economic entities, including labor and management, must faithfully fulfill their respective roles and unite to enhance social stability and our economic vitality."
The Korea Chamber of Commerce and Industry commented, "Considering the grave economic situation, we hope that we can now move beyond social confrontation and conflict, normalize state affairs as soon as possible, and continue efforts for economic recovery and the stabilization of people's livelihoods." They noted, "Currently, our economy is facing complex internal and external challenges such as sluggish domestic demand, weakening competitiveness of key industries, and the spread of U.S. tariff measures and protectionism. The business community will spare no effort for the sustainable growth of our economy."
The Korea Federation of SMEs also stated, "The SME sector hopes that the Constitutional Court's decision to uphold the impeachment will serve as an opportunity to unite divided public opinion and lead the Republic of Korea onto a new path of growth. Now, we must seal political confrontation and conflict and gather the strength and wisdom of all citizens to overcome the Korean economic crisis and restore its dynamism."
The Federation of Middle Market Enterprises of Korea emphasized, "The Constitutional Court's upholding of President Yoon Suk-yeol's impeachment is the final result derived from the collective intelligence of the people at this point in time in South Korean democracy. All members of society, regardless of political affiliation or ideological differences, must humbly accept this based on their responsibility for the well-being of the national community." They further urged, "We are in the worst global economic situation, as the hardline policy stance of the Trump 2.0 administration has become a reality with excessive tariffs being imposed even on friendly nations. To overcome this, we must fully activate official and unofficial diplomatic channels at the government level and quickly establish an efficient cooperative system that drives synergy with businesses acting as private diplomats."
Civic Groups: "We Welcome the Judgment That Safeguarded the Rule of Law"
Civic groups issued statements in unison, calling it "the right decision according to democracy." The People's Solidarity for Participatory Democracy (PSPD) stated, "It was a natural and correct decision based on democracy." The PSPD assessed, "This decision reaffirms that the president's power must also be strictly limited within the framework of the Constitution. It is a judgment that simultaneously safeguarded the legislative branch's authority, the independence of the National Election Commission, and the rule of law. It showed that extreme political offensives, such as indiscriminate disparagement of legislation or conspiracy theories about the election commission, cannot damage the spirit of the Constitution."
They also urged politicians, "You must humbly accept the Constitutional Court's judgment. You must stop words and actions that promote further conflict and division. Denying the court's decision or spreading conspiracy theories is another threat to democracy and an irresponsible attitude toward the people."
People's Solidarity for Participatory Democracy emphasized, "The removal of Yoon Suk-yeol, who trampled on democracy and constitutional order with the December 3rd insurrection and betrayed the trust of the people, is inevitable and a stern judgment by sovereign citizens who reject the specter of dictatorship. The prosecution and the courts must take measures to re-arrest and punish Yoon Suk-yeol to uphold law and justice. Thorough investigations and punishment of the remaining insurrectionist forces must follow through the enactment of special laws."
The medical community, which has been in conflict with the government due to the medical school quota expansion and the phrase "punishing trainee doctors" in the martial law proclamation, stated, "We look forward to re-discussing the medical school quota expansion and the essential medical policy package."
The Korean Medical Association stated, "Last February, the Yoon Suk-yeol administration unilaterally and hastily pushed forward the policy by announcing a 2,000-person increase in medical school quotas without any agreement with the medical community. When trainee doctors and medical students, who could not accept this, left their posts, the government aggressively attacked the medical community through return-to-work orders." They added, "The current government attempted an unreasonable 'medical manipulation' and betrayed the trust of healthcare professionals and the public, ultimately inviting the president's impeachment. We hope that the impeachment will serve as an opportunity to stop the wrong medical policies pursued by committees, including the Special Committee on Medical Reform, and to rationally re-discuss the medical school quota and the essential medical policy package. We hope this will provide a starting point for discouraged medical students and trainee doctors to return to medical and educational fields."
Acting President Prime Minister Han Duck-soo now faces the task of responding to mounting issues, including reciprocal tariffs from the U.S. and sluggish domestic demand. On the 2nd (local time), the U.S. government officially announced that it would impose a 25% reciprocal tariff on all products produced in South Korea and imported into the U.S. South Korea, which has an export-centered economic system, is on high alert. Economic recovery is also a task. With political confusion continuing after the martial law declaration, domestic demand remains stagnant due to factors like shrinking consumer sentiment.