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  • 작성자 : 권진현
  • 소속 : Korea International School Jeju official club BERA (Business Economics Review Associates)
  • 등록일 : 2025.02.14
  • How Martial Law 2024 in South Korea Devastatingly Affects their Economy
Joey Yu - second article 
How Martial Law 2024 in South Korea Devastatingly Affects their Economy
As all of you heard, Yoon Suk Yeol, who declared martial law in 2024, was detained from his seat as president. He is the first to be held by criminal investigators, ending his standoff after the serious effects of the law. Despite his deposition, the crisis aftermath is far from over, especially regarding the market stability. The imposition of martial law severely disrupted the nation’s trajectory of growth, with the won-dollar exchange falling off, the enormous decline of retail tax, and the stock market. 
One of the most immediate effects of martial law was fluctuations in the won-dollar exchange rate. Investors’ fright over political insecurity led to a sharp depreciation of the won, as foreign investors would favor pulling their funds out of South Korea for safer currencies. The decrease in demand and trustworthiness of the Korean won has resulted in their U.S.-Won Exchange rate from 1,397 won to 1,472.5 won directly (Bank of Korea), which fell by 5.3 percent only in a month.  This uncertainty demonstrates how internal crises can impact outward into global financial markets. 
Financial markets in South Korea have also been damaged by encountering the largest decline in retail taxes since 2003 when the “credit card crisis” occurred. With the unprecedented phenomenon in which consumption of emergency food supply such as canned goods increased over 330% but the amount of credit card usage in December decreased by 9.9%, people initiated to stifle their use of money, and companies held off on investment due to political collapse (Maeil, 2025). 
Despite its slight recovery from now, South Korea inevitably confronted a cascade of economic and financial pressures. The extent and duration of the devaluation are immersive, and governments could take proactive measures to mitigate those impacts on dreadful effects that martial law engendered. 


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