The Dec. 3 declaration of martial law has plunged Korea into a political and economic crisis, which is deepening in an unexpected way following the violent attack on the Seoul Western District Court. Even under military dictatorship, there was never such an attack on a courthouse. The violence shocked the country and the world. There are serious worries that illegality and violence will increase until the Constitutional Court makes its ruling. Perpetrators of such acts of violence against the rule of law must be punished without pardon in order to defend democracy.

With instability continuing and uncertainties rising, a sense of gloom pervades, casting a shadow over the Korean economy and people's livelihoods.

Last Friday, the International Monetary Fund released its World Economic Outlook update where it upped its forecast for the world economy to 3.3 percent from 3.2 percent in October 2024. Meanwhile, it downgraded the growth forecast for Korea by 0.2 percentagae point to 2 percent from the previous forecast of 2.2 percent. It is even slightly higher than those of other forecast institutions, including the Bank of Korea’s 1.9 percent. The average growth rate forecast for the Korean economy in 2025 by major investment banks dropped from 2.1 percent last November to 1.8 percent this month. JP Morgan forecast a meager 1.3 percent, the lowest growth rate among major........

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