Opposition Targets 'Economic Collapse' Anger to Link Yoon Impeachment

Lee Jae-myung "Market capitalization evaporated by 140 trillion won in four days"
Lee differentiates from ruling party while focusing on people's livelihood

Opposition parties including the Democratic Party of Korea are gearing up to capture the 'impeachment public sentiment' by putting the economic crisis front and center ahead of the second impeachment vote against President Yoon Seok-yeol scheduled for the 14th. The uncertainty following last week's rejection of the impeachment motion against President Yoon is rapidly spreading beyond the political sphere into the economic and social sectors, dealing a critical blow to the Korean economy. The opposition plans to emphasize the urgency of the presidential impeachment by linking it to the crisis of the livelihood economy, applying comprehensive pressure on the ruling party.

On the 10th, Lee Jae-myung, leader of the Democratic Party, said at the Supreme Council meeting, "As the impeachment failure Black Monday becomes a reality, the KOSDAQ plunged to its lowest point in four years since the COVID-19 pandemic yesterday." Lee added, "The KOSPI also recorded its lowest level of the year, and the market capitalization evaporated by 140 trillion won over four days," warning, "A staggering 29 trillion won of national wealth is vanishing into thin air every day." In fact, on the 9th, the first trading day after the impeachment failure, the KOSPI closed at the 2360 level, marking the lowest point of the year, and the KOSDAQ also fell below the 630 level.

As the economic crisis deepened following the failure of President Yoon's impeachment, Lee requested the formation of a 'Tripartite Emergency Economic Review Meeting' involving the ruling party, opposition, and government on the same day. He urged, "I hope the ruling party, opposition, and government can come together to create alternatives, at least for the economy," and added, "We must accurately assess the current situation and do our best to resolve uncertainties."

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 10th. Photo by Kim Hyun-min

The opposition leadership's emphasis on the 'economic crisis' ahead of the second impeachment vote is aimed at highlighting that President Yoon's declaration of martial law is ultimately linked to the livelihood of the people. The impeachment turmoil has immediately intensified the strong dollar phenomenon, heightening financial market uncertainties, and coinciding with the inauguration of the 'Trump 2.0' U.S. administration, domestic and international crises such as subsidy cuts and trade disputes are rapidly escalating. Economic experts have diagnosed that foreign investors are already strongly withdrawing from Korea's representative industries such as semiconductors, automobiles, and secondary batteries. They warn that if political instability prolongs, the shock of foreign capital outflows could become even greater.

As public sentiment intensifies, pressure for presidential impeachment against the ruling party is also increasing. Citizens have been pouring criticism on ruling party lawmakers who abstained from last week's impeachment vote.

Lee Jae-myung is also expanding his on-site political activities by leveraging economic instability immediately after the impeachment failure. He visited the site of the nationwide railway workers' union strike to persuade them the day before, and on this day, opposition members of the Planning and Finance Committee plan to visit the Bank of Korea, while members of the Political Affairs Committee will visit the Korea Exchange to conduct on-site inspections of the capital market.

Lee's on-site activities are interpreted as a strategy to highlight his stature as a next presidential candidate amid the impeachment turmoil. In a situation where the presidential office and various ministries are virtually paralyzed following the declaration of martial law, the opposition leader is focusing on the livelihood of the people to differentiate himself from the ruling party. The budget bill for next year is also planned to be processed in today's plenary session. This is seen as a calculation to resolve the current political instability and economic crisis through opposition-led budget processing, thereby demonstrating the image of the next ruling party.