South Korea has moved closer to removing President Yoon Suk Yeol from office, with the National Assembly passing a bill initiating the impeachment process.

What does this mean and what will happen next?

1. Steps to stability

President Yoon Suk Yeol, who plunged the nation into shock with his doomed martial law attempt on Dec. 3, has been suspended from his executive duties immediately. This marks a significant step toward restoring stability.

Prime Minister Han Duck-soo is to be the acting head of government until the Constitutional Court decides whether to confirm Yoon’s impeachment or reinstate him. In the former case, South Korea would soon thereafter elect a new president.

Historical precedent suggests the transition will be orderly.

During the 2004 impeachment of President Roh Moo-hyun, Prime Minister Goh Kun served as acting president for 63 days. Similarly in 2016, Prime Minister Hwang Kyo-ahn managed the country for five months after President Park Geun-hye’s impeachment.

Both periods saw continuity in government operations without significant disruptions.

2. Left-wing resurgence?

Although Yoon’s removal is not set in stone, South Korean politicians can be expected to gear up for the next presidential election. The election timing hinges on the Constitutional Court, which has up to 180 days to reach a verdict on Yoon's fate.

The incumbent president was a conservative leader and his botched attempt to rule the country with martial law dealt a severe blow to his ruling People Power Party.

The left-wing Democratic Party of Korea has clearly benefited from this political turmoil, with a recent poll putting its support at 40 percent, while the People Power Party plunged to a recent low of 24 percent. The poll also showed the Democratic Party’s leader Lee Jae-myung leads a pack of potential presidential candidates by a large margin.

If Yoon's impeached is confirmed by the Constitutional Court, a successor would be elected within 60 days.

3. Protests likely to subside, but may linger on

The massive protests held in the lead-up to Yoon’s impeachment vote are likely more or less over, but rallies at a smaller scale could continue. While those demanding Yoon’s impeachment have no reason to protest, now the small group of staunch supporters of Yoon still may want to make their voices heard.

But, South Korea’s history suggests these demonstrations will remain largely peaceful and nondisruptive.

4. For business and travel, it’s business as usual

If you’re planning to visit South Korea or conduct business here, you’re unlikely to face any major issue.

While Gwanghwamun Plaza may be busier due to protests, other tourist hot spots in Seoul like Myeong-dong and Coex Mall will continue to operate as usual.

Hotels, duty-free shops as well as beauty retailers like Olive Young will open as usual, ensuring a smooth experience for visitors.