In a dramatic and unprecedented move, South Korean President Yoon Suk Yeol has declared martial law, citing the need to combat “anti-state elements” and safeguard national security. The announcement comes amid a growing political crisis marked by heated disputes between the conservative People Power Party and the opposition Democratic Party over budget conflicts and impeachment motions against senior prosecutors. This declaration of martial law is the first such measure taken in South Korea since the 1980s, a time when the country was transitioning from military rule to a democratic government.
President Yoon, in a televised address to the nation, accused opposition forces of paralyzing governmental functions and undermining the country’s stability. He claimed that the decision to impose martial law was necessary to “eradicate pro-North Korean elements” and to preserve the constitutional order. Yoon also emphasized the severity of the threats he believes are facing the nation, asserting that swift action was required to ensure national security and public safety.
Under the martial law declaration, parliamentary activities have been suspended, and political gatherings have been prohibited. Government authorities have also assumed control of media outlets to ensure compliance with new emergency regulations. Military forces have been deployed in key areas, including around the National Assembly building, where access has been heavily restricted by police barricades.
The declaration has sparked an immediate and widespread backlash from opposition leaders and civic groups. Lee Jae-myung, leader of the opposition Democratic Party, denounced the martial law as “illegal and unconstitutional,” urging citizens to rally at the National Assembly in protest. Even within Yoon’s People Power Party, dissenting voices have emerged. Party leader Han Dong-hoon openly criticized the decision, calling it “wrong” and vowing to resist the measure alongside the public.
The economic repercussions of the martial law declaration have been swift and severe. The South Korean stock market experienced significant declines, with key indexes falling sharply. The national currency, the won, weakened against the U.S. dollar, exacerbating investor concerns about the country’s political and economic stability. The iShares MSCI South Korea ETF dropped by over 6% in New York trading, reflecting global market anxiety over the unfolding crisis.
The declaration of martial law has raised deep concerns about the state of democracy in South Korea, a country that has long been considered a stronghold of democratic governance in East Asia. Observers warn that the imposition of such drastic measures could lead to prolonged unrest, with protests and public resistance likely to intensify in the days ahead. As the nation grapples with this dramatic turn of events, the future of South Korea’s political landscape hangs in the balance.