South Korea, a country famous worldwide because of its advancement in technology and the entertainment industry, faces a huge political turmoil on December 3. On 3rd December, South Korean president Yoon Sun Yeol declared martial law in a random press conference. President Yoon’s sudden decision left everyone in shock, as martial law brings many bitter memories to Korean people. It was around 1980 when the second martial law was imposed on South Korea after the murder incident of their president. Almost 4 decades later, after 1987 democratization, South Korea lived the nightmare of martial law again. President Yun, who is elected in the 2022 election and belongs to the PPP (People Power Party), declared martial law live on late-night television on December 3:
“To safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements … I hereby declare emergency martial law.”
“This is an unavoidable measure to ensure the freedom and safety of the people and guarantee the sustainability of the nation against the unrest stirred by these subversive, anti-state elements.”
Reason For Martial Law
The aim of martial law is a bit confusing, as President Yoon accused the opposition party of having an ally with North Korea and doing tactics that can be harmful for the country’s well-being. So to protect country democracy, martial law is inevitable. But what made everything chaotic and confusing was that President Yoon’s accusation lacked evidence.
Effect Of Martial Law
“Martial law” The word may sound simple, but it is capable of halting country progress and people’s welfare all at once. After President Yoon declared martial law, the military took over the National Assembly, and the troops were sent out to seize the places and guard critical government places. The ban on public gatherings, media coverage, freedom of speech, and Parliament gatherings, etc., is unavoidable in martial law. Even a helicopter could be seen roaming over the National Assembly of South Korea after President Yoon declared martial law.
Public and Political Reaction
Now comes the reaction of civilians and political parties. The opposition party started impeachment proceedings against President Yoon for such an abrupt, harsh decision. National assembly members called out for an emergency session and voted against the martial law. Even the leader of the People Power Party called the decision of President Yoon wrong, and said that he would stand with the people in this situation.
Hundreds of civilians went on the road against the martial law decision. People are out to protect their democratic rights because they have lived under the strict military regime from 1980 to 1987, martial law, and they don’t want to relive it.
One protester, Kim Hye-min, said at a protest outside parliament on Thursday:
For the sake of my children, this must be stopped no matter what, We cannot go back to the 1970s.
Finally, on seeing such turmoil and chaos on 4th December, President Yoon decides to retract the decision of martial law.
Effect On Economy
South Korea’s business suffers the most during this political crisis. On Wednesday, the South Korea KOSPI index fell 2.2% and closed 1.4% lower. The Korean won fell to its lowest price since October 2022.
“We are concerned that these events could impact South Korea’s sovereign credit rating, although this is uncertain at this stage,” wrote Min Joo Kan, ING Economics’ senior economist in Seoul, in a research note.
South Korea’s largest company, Samsung Electronics, shares also drop 3%. One rash decision it took to make the whole country suffer emotionally, politically, and financially.
To combat the situation, many executives of reputed countries held an immediate meeting to address the issue. The chairman of South Korea’s financial services commission said that the government will issue $35.4 billion dollar to stabilise the stock market and take initiatives to protect against further loss. But according to K-media, the impact of political crisis on the government economy is short-lived, and the South Korea financial market is stabilising.
Conclusion
Later, President Yoon declared a public apology for his decision of martial law.
“Martial law is not a decision we take lightly, I am deeply sorry for the concerns this has caused to our citizens.”
But now he can’t reverse the public opinion that demands resignation from President Yoon. Even Parliament members started an impeachment against President Yoon. The damage has been done!
