South Korea Enters Crisis Management Mode Amid Political Turmoil

According to PANews, following the impeachment of President Yoon Suk-yeol, the South Korean government has shifted its economic team into 'crisis management' mode. Starting December 15, the team will hold daily emergency meetings to address economic issues and formulate strategies. A spokesperson from the Ministry of Economy and Finance announced on December 14 that Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will lead these meetings with heads of relevant economic departments. The first emergency meeting is scheduled for 3 PM local time (UTC+8) on December 15. The political unrest has already impacted the financial markets, causing fluctuations in the stock market and leading the South Korean won to fall to its lowest level against the US dollar in two years. Although South Korea's sovereign credit rating remains unchanged for now, several international credit rating agencies have issued warnings. They caution that if the political crisis persists, the risk of economic downturn could increase. The government is keenly aware of these potential risks and is taking proactive measures to mitigate any adverse effects on the economy.