South Korean president survives impeachment bid as country braces for prolonged turmoil

South Korea’s President Yoon Suk Yeol survived opposition lawmakers’ bid to impeach him Saturday following his brief declaration of martial law. Yoon’s ruling People Power Party boycotted the vote, a move the country’s assembly speaker said meant the ballot “effectively didn’t occur,” prompting mass protests.

It’s unclear what Yoon’s party’s next move may be. South Korean newspaper The Korea Herald reported that some lawmakers could now negotiate the president’s “orderly resignation” to stem any further electoral fallout. Meanwhile, opposition parties are considering a second impeachment attempt as soon as Wednesday next week.

Speaking before the vote, the Bank of Korea’s governor Rhee Chang-yong told the Financial Times the crisis would delay “critical structural reforms” to the country’s stagnant economy. However, the central bank chief argued the financial impact would ultimately prove “short-lived and relatively muted,” citing South Korea’s weathering of past political crises. Instead, he argued that intensifying Chinese competition and the threat of hiked import duties by the US, which have already dampened growth forecasts, pose much greater threats.