[Editorial] Soften economic impact

Credit rating agencies warn of impact if political turmoil over Yoon continues The political uncertainty initiated by President Yoon Suk Yeol’s short-lived imposition of martial law last month has remained heightened for weeks, raising concerns about South Korea’s sovereign credit rating. On Sunday, Yoon’s legal team said the impeached president will not attend the first hearing in his impeachment trial that begins Tuesday, citing worries about personal safety and security. Yoon’s latest positio

Jan. 13, 2025

[Editorial] Yoon’s legal tactics

President Yoon must cooperate with probe to resolve growing political uncertainty The ongoing political turmoil shows no sign of abating, with President Yoon Suk Yeol still unwilling to cooperate with the investigation into his short-lived imposition of martial law that plunged the nation into chaos last month. A lawyer for Yoon said Wednesday that the impeached president would stand trial if he is formally indicted or an arrest warrant is issued by a court. The move came as the Corruption Inves

Jan. 10, 2025

[Editorial] Pressure on Choi

Opposition asks police to investigate acting president over failure to arrest Yoon The main opposition Democratic Party of Korea on Tuesday filed a criminal complaint with police against acting President Choi Sang-mok. It accused him of dereliction of duty for doing nothing to handle matters with the Presidential Security Service, which blocked the Corruption Investigation Office for High-ranking Officials from executing a warrant to arrest President Yoon Suk Yeol. Party leader Lee Jae-myung sai

Jan. 9, 2025

[Editorial] Race against 'China tech'

South Korea confronts slow AI advance; China continues to achieve rapid progress China stands as one of South Korea’s most significant trading partners while also emerging as a formidable rival in domains where Korean firms have traditionally excelled in technological prowess and market competitiveness. This rivalry is vividly on display at this year's CES technology trade show, running from Tuesday to Friday in Las Vegas, where Chinese companies are showcasing their rapid strides in the global

Jan. 8, 2025

[Editorial] Procedural fairness

Impeachment committee withdraws insurrection charge to quicken trial The National Assembly’s impeachment investigation committee, which acts as prosecutors in the Constitutional Court impeachment trial of President Yoon Suk Yeol, effectively withdrew the insurrection charge from the motion on Friday. The article of impeachment written by the committee is composed of two parts -- criminal charges related to insurrection and constitutional law violations related to the martial law declaration. Ins

Jan. 7, 2025

[Editorial] Deepening chaos

Clashes over arrest warrant for Yoon threaten to exacerbate national turmoil In South Korea, political turmoil over suspended President Yoon Suk Yeol, who attempted a short-lived imposition of martial law that resulted in his impeachment, deepened over the weekend after the state anti-corruption agency aborted its bid to detain him. The Corruption Investigation Office for High-ranking Officials on Friday sought to execute its warrant to arrest Yoon over his failed martial law bid on Dec. 3. But

Jan. 6, 2025

[Editorial] Economic outlook for 2025

Government considers extra stimulus steps to address challenges at home and abroad The South Korean government on Thursday put out a gloomy projection for the country’s economic growth in 2025 amid a slew of challenges ahead, including political turmoil at home and growing trade-related uncertainties abroad. The Finance Ministry said the Korean economy is forecast to grow 1.8 percent this year, which is lower than the Bank of Korea’s forecast of 1.9 percent and the earlier projections of other f

Jan. 3, 2025

[Editorial] Up to the court

Justice appointment will legitimize procedure for impeachment ruling Acting President Choi Sang-mok on Tuesday appointed two justices of the Constitutional Court. They are Jung Gye-seon nominated by the opposition Democratic Party of Korea and Cho Han-chang nominated by the ruling People Power Party. Choi deferred the appointment of Ma Eun-hyeok, another Democratic Party nominee, until the rival parties agree on the third nominee. The ruling party argued that one of three nominees should be a pe

Jan. 2, 2025

[Editorial] Investigate thoroughly

Complex factors behind Jeju Air crash; Bird habitats raise questions about location Sunday's tragic Jeju Air jet crash at Muan International Airport was caused by complex factors. A bird strike is blamed as the primary cause, while aircraft and runway problems are suspected as well. Also, fundamental questions are being raised about whether the location of the airport was proper in the first place. A thorough investigation of the incident is required. According to the Land Ministry, controllers

Dec. 31, 2024

[Editorial] Another impeachment

Rival parties must stop partisan fight, start exploring compromise on justices For many foreign observers, South Korea has become a nation of impeachment -- a truly shameful image forged by the irresponsible lawmakers and political parties. In less than two weeks after President Yoon Suk Yeol was impeached by the opposition-led National Assembly for his short-lived martial law declaration, acting President Han Duck-soo was also impeached Friday in a 192-0 vote at the National Assembly. The rulin

Dec. 30, 2024

[Editorial] ‘Superaged’ Korea

South Korea needs to explore a redesign of policies for the growing elderly population South Korea has formally become a “superaged” society at a faster pace than previously expected, with policymakers and the public unprepared to tackle a host of tricky social and economic issues caused by a growing elderly population. As of Monday, the number of South Koreans aged 65 or older stood at 10.24 million, accounting for 20 percent of the country's total population of 51.22 million, according to the

Dec. 27, 2024

[Editorial] Boost domestic demand

Consumer sentiment fall largest in Dec.; retail sales decrease 10 straight quarters Consumer sentiment is plunging amid the fallout from the presidential impeachment. To make matters worse, weak domestic demand has overlapped with sluggish exports and prolonged Korean currency depreciation. If this continues, no one can rule out the possibility of the national economy entering long-term stagnation and falling far short of its potential growth rate next year. The consumer sentiment index fell to

Dec. 26, 2024

[Editorial] Clouds on the horizon

Korea’s export drive projected to face trouble in 2025 due to shift in chip sector The South Korean economy has been chugging along thanks to solid shipments of semiconductors this year. But the outlook for exports in 2025 is far from optimistic, and the reason also involves chips, the country’s key export item. Business organizations project that exports could stagnate next year largely due to worsening market conditions for semiconductors and automobiles. Demand for Korean chips may weaken ami

Dec. 25, 2024

[Editorial] Undermining Han again

Opposition party threatens to impeach acting president if he rejects its demands The main opposition Democratic Party of Korea demanded acting President and Prime Minister Han Duck-soo sign, by Tuesday, bills appointing two special counsels -- one to investigate insurrection charges against President Yoon Suk Yeol and the other to probe allegations against first lady Kim Keon Hee. Park Chan-dae, the floor leader of the party, said that if Han refuses to accept the demand, the party would "hold h

Dec. 24, 2024

[Editorial] Stabilize volatile won

Financial authorities need to step up policy measures to bolster value of Korean currency The South Korean currency stayed around its lowest level in 15 years Friday, reflecting heightened worry among investors about the 2025 outlook for US interest rates and the continued political turmoil sparked by President Yoon Suk Yeol’s martial law order and subsequent impeachment. The Korean won closed at 1,451.4 per dollar Friday, up 0.5 won from 1,451.9 the previous session -- the lowest level since Ma

Dec. 23, 2024