South Korea’s political turmoil, triggered by a short-lived martial law, is sending shockwaves through the country’s economy. The country’s national currency, won, has plunged to its lowest level against the dollar since 2009. According to the Bank of Korea, business and consumer confidence in the country’s economy have also plummeted, hitting the biggest drop since the outbreak of the Covid pandemic. The political upheaval began after President Yoon Suk Yeol ordered a martial law in early December. The decree only lasted six hours but its fallout resulted in Yoon’s impeachment. The ripple effect of the abortive martial law didn’t stop even after Yoon was impeached. On Friday, South Korea’s parliament voted for the impeachment of Yoon’s successor, acting President Han Duck-soo.
Mike