U.S.-China trade war causes S. Korea's growth rate to fall 0.4%p.p. this year: BOK chief
- 5 years ago
South Korea's economic growth rate has fallen point-four percentage point this year due to the U.S.-China trade dispute.
Lee Ju-yeol, the Governor of the Bank of Korea, said during a press conference in Washington, that half the decrease is because of a drop in exports due to tariffs imposed between Washington and Beijing.
He said the remaining half is due to a slowdown in investment and consumption because of the economic uncertainties caused by the trade spat.
Lee explained that the trade war's influence is unavoidable since a lot of South Korea's exports go to the U.S. and China.
The IMF also expects South Korea to suffer most from the trade dispute.
Lee Ju-yeol, the Governor of the Bank of Korea, said during a press conference in Washington, that half the decrease is because of a drop in exports due to tariffs imposed between Washington and Beijing.
He said the remaining half is due to a slowdown in investment and consumption because of the economic uncertainties caused by the trade spat.
Lee explained that the trade war's influence is unavoidable since a lot of South Korea's exports go to the U.S. and China.
The IMF also expects South Korea to suffer most from the trade dispute.