South Korea: Constitutional Court Upholds President Yoon's Impeachment But Uncertainty to Continue Until Elections

In a unanimous 8-0 decision, South Korea's Constitutional Court upheld the impeachment of President Yoon today (April 4) over his declaration of martial law on December 3, 2024. Elections are now expected to be held on or before June 3, within the 60-day deadline of the Constitutional Court's decision.

Key Highlights
-- Political turmoil eases as Constitutional Court votes unanimously to uphold the impeachment of President Yoon.

-- Elections will take place amid an increasingly challenging outlook.

-- The next government's key priority will be to support the economy as the country facing rising protectionism abroad.

"South Korea's political turmoil is likely to ease following the Supreme Court verdict," says Rohini Malkani, Senior Vice President, Global Sovereign Ratings. "But uncertainty remains ahead of the upcoming presidential elections and the negative impact of the announced U.S. tariffs."