The political crisis in Korea continues with no end in sight. Acting President Han Duck-soo was suspended from his duties after the National Assembly passed a motion to impeach him on Friday. This marks the 29th impeachment motion approved since President Yoon Suk Yeol took office in May 2022. Yoon himself was suspended following his declaration of martial law on Dec. 3.

The country is now in uncharted waters, with deadly partisan politics threatening to have far-reaching consequences for the economy. The market is already reeling from the political deadlock, with the Korean won weakening to 1,476 won per U.S. dollar on Friday amid bleak prospects of further depreciation.

Protracted political instability benefits no one. Leaders of the ruling People Power Party (PPP) and the main opposition Democratic Party of Korea (DPK) must come together and put an end to partisan conflict. For this to happen, both sides must make concessions on key issues where they are at odds and find a breakthrough that restores investor confidence.

The PPP should show flexibility on the appointments of three Constitutional Court justices, as this remains a major obstacle to inter-party talks. In return, the DPK must halt efforts to impeach the acting president.

However, both sides appear entrenched, showing no signs of compromise. They are locked in a do-or-die struggle, each trying to gain an advantage from the political crisis. Their short-sighted partisan strategies are holding the nation's future hostage.

Finding a resolution is far easier said than done, especially as both parties are focused on the possible presidential election. The DPK has vowed to continue its impeachment efforts, threatening to target Han's successor, Deputy Prime Minister and Acting President Choi Sang-mok, along with other cabinet ministers who may step in as acting president if Choi is suspended. The DPK has stated it will impeach these officials if they refuse to sign key bills into law.

Before the impeachment motion against Han was approved, he remained resolute, insisting that he would only appoint the three justices if both main parties reached a consensus. However, as no agreement was reached, Han's position sparked frustration within the DPK and its leader, Rep. Lee Jae-myung.

Rep. Lee is under immense pressure as the clock is ticking on the high court's ruling regarding his legal case. He was sentenced to a one-year prison term, suspended, by a district court. If the sentence is upheld, Lee will lose his parliamentary seat and be barred from running for office for 10 years.

For the DPK chief, the quicker the Constitutional Court reaches a verdict on the president's impeachment, the better. The best-case scenario for Rep. Lee is that the top court rules to impeach Yoon swiftly, triggering a snap election for a new president before the court delivers its decision on his case.

In response, the DPK hastily approved three candidates to fill vacant seats on the Constitutional Court, which is currently operating with only six of its nine justices. Under the current system, all six justices must agree to pass a ruling. If any of them disagrees, the case will be dismissed. The DPK continues to pressure the PPP and the acting president to appoint the three justices, warning that if this does not happen, the opposition will persist in its impeachment efforts against Cabinet ministers.

However, the DPK's strategy has not gone as planned. The ongoing impeachment saga is intensifying pressure on the Constitutional Court, which is already grappling with an increasing number of impeachment cases. The court has postponed its ruling on the impeachment of Lee Jin-sook, president of the Korea Communications Commission, to prioritize the case of President Yoon. Now, the prime minister's fate is also in the hands of the court, following the passage of his impeachment motion. This adds further strain on the justices, as they must now accommodate the prime minister's impeachment trial into an already packed schedule. The DPK's serial impeachments risk further delaying the ruling on the president's impeachment.

This is a battle the PPP cannot afford to lose. Conceding on the appointment of three justices could signal defeat in the possible election, which explains the ongoing political standoff.

Political ambition is notoriously hard to curb, especially when the prize is the top position in government. Partisan politics stands as a major roadblock to the nation's future, prolonging the crisis until one side is forced to relent.