Business Associations Voice Alarm Over Impeachment-Induced Uncertainties
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Seoul, Dec 27 (NationPress) South Korea's business associations are voicing serious alarm regarding increasing uncertainties following the opposition-led National Assembly's decision on Friday to impeach acting President Han Duck-soo, despite significant resistance from lawmakers of the ruling party.
Han's impeachment occurs less than two weeks after he assumed the role of President Yoon Suk Yeol, who was impeached on December 14 due to his brief imposition of martial law.
The Korea Chamber of Commerce and Industry (KCCI) and the Korea Enterprises Federation (KEF) urged politicians to prioritize minimizing the economic repercussions of the impeachment events, according to reports from Yonhap news agency.
"Economic uncertainties have escalated (for the nation) following the unprecedented impeachment of an acting president, despite stabilizing macroeconomic indicators and external confidence in the resilience of the Korean economy (amid the ongoing political turmoil)," a KCCI official stated.
He indicated that the impeachment could potentially weaken the local currency, downgrade the sovereign credit rating, elevate inflation, and deteriorate domestic consumer spending.
The KEF expressed that business sectors are seriously worried about the ongoing political crisis impacting the economy.
It urged political entities to resolve the chaos initiated by Yoon's martial law decree on December 3 and the impeachments of the country's two highest officials swiftly, allowing citizens to return to their normal lives and businesses to concentrate on their operations.
On Thursday, Han announced that he would refrain from appointing three Constitutional Court justices until political parties reach a consensus on the appointments, as approvals without political agreement could jeopardize constitutional order.
