Biden triumph will boost S. Korean economy: experts
- 3 years ago
바이든 당선, 韓 수출 '청신호' 켜지나..태양광•배터리 수요 늘 것
The change in the White House could have an impact on South Korea's economy.
Experts assume that Biden's push towards multilateralism could end Trump's protectionism and ultimately benefit Korea's exports.
Kim Sungmin has the details.
The victory for Joe Biden,... who has been promising to re-instate multilateralism, is projected to have positive impact on the South Korean economy.
A report released by Hyundai Research Institute suggests that Biden's presidency could lead to up to point-four percentage points of economic growth for South Korea.
Exports are forecast to increase by between point-six and two-point-two percentage points,... due largely in part to Biden's belief in international cooperation.
That is in direct contrast to President Trump's protectionist 'America First' trade policy.
"Biden said he supports a multilateral approach and will solve trade disputes in line with the WTO's system. This means global trade orders will be adjusted considering the interests of many countries and this system is deemed more favorable to South Korea."
The optimistic outlook is also based on the U.S. stimulus package and an increase in wages for the American middle class,... as it could in turn have a positive impact on the South Korean economy.
Also, Biden's interests in renewable energy could boost the development of electric vehicles and secondary cell industries that South Korea has also been pursuing.
However, there are also certain industries that could possibly be hit by the new change.
"A Biden triumph could put pressure on companies related to the Internet. The potential restrictions on some platforms might not have direct impact on South Korean firms but it could surely become a negative variable."
Experts say however that it is very difficult to fully predict the future path of the economy as there are still uncertainties lingering from the COVID-19 pandemic.
Kim Sung-min, Arirang News
The change in the White House could have an impact on South Korea's economy.
Experts assume that Biden's push towards multilateralism could end Trump's protectionism and ultimately benefit Korea's exports.
Kim Sungmin has the details.
The victory for Joe Biden,... who has been promising to re-instate multilateralism, is projected to have positive impact on the South Korean economy.
A report released by Hyundai Research Institute suggests that Biden's presidency could lead to up to point-four percentage points of economic growth for South Korea.
Exports are forecast to increase by between point-six and two-point-two percentage points,... due largely in part to Biden's belief in international cooperation.
That is in direct contrast to President Trump's protectionist 'America First' trade policy.
"Biden said he supports a multilateral approach and will solve trade disputes in line with the WTO's system. This means global trade orders will be adjusted considering the interests of many countries and this system is deemed more favorable to South Korea."
The optimistic outlook is also based on the U.S. stimulus package and an increase in wages for the American middle class,... as it could in turn have a positive impact on the South Korean economy.
Also, Biden's interests in renewable energy could boost the development of electric vehicles and secondary cell industries that South Korea has also been pursuing.
However, there are also certain industries that could possibly be hit by the new change.
"A Biden triumph could put pressure on companies related to the Internet. The potential restrictions on some platforms might not have direct impact on South Korean firms but it could surely become a negative variable."
Experts say however that it is very difficult to fully predict the future path of the economy as there are still uncertainties lingering from the COVID-19 pandemic.
Kim Sung-min, Arirang News