Biden win would boost S. Korea's exports: think tank
- 3 years ago
바이든 승리 유력 윤곽.. 당선시 한국 수출에 순풍 부나
The whole world is paying close attention to how the U.S. Presidential Election might turn out as it is likely to have a big impact on the global economy.
A South Korean think tank says the country's economy could expand up to point-four percentage points if Democratic candidate Joe Biden is elected.
Eum Ji-young reports. The results of the U.S. presidential election could have a big impact on global trade as the two candidates have very different trade policies.
A report released by Hyundai Research Institute suggests that if the U.S. Democratic presidential candidate Joe Biden wins the race, the South Korean economy could grow by up to point-four percentage points.
It also said that South Korean exports could increase by between point-six and two-point-two percentage points if Biden becomes the next president.
It said the U.S. economy is expected to see stronger economic growth,... driven by an expansion in fiscal spending and an increase in wages for the middle class which in turn could have a positive effect on the South Korean economy.
An expert said, if Biden wins, it will also end the four years of 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."
Another expert said, although Biden appears to be inching closer to victory, if Trump refuses to concede the race, uncertainty surrounding the election could have a negative impact on the South Korean economy.
"Political uncertainty in the U.S. could negatively affect the business sentiment and momentum of South Korea's economic recovery as the country heavily relies on exports."
The expert also said should Biden win, exports in eco-friendly industries including renewable energy and electric vehicles will benefit, whereas if Trump wins, the tech-heavy sectors will benefit.
Eum Ji-young Arirang News.
The whole world is paying close attention to how the U.S. Presidential Election might turn out as it is likely to have a big impact on the global economy.
A South Korean think tank says the country's economy could expand up to point-four percentage points if Democratic candidate Joe Biden is elected.
Eum Ji-young reports. The results of the U.S. presidential election could have a big impact on global trade as the two candidates have very different trade policies.
A report released by Hyundai Research Institute suggests that if the U.S. Democratic presidential candidate Joe Biden wins the race, the South Korean economy could grow by up to point-four percentage points.
It also said that South Korean exports could increase by between point-six and two-point-two percentage points if Biden becomes the next president.
It said the U.S. economy is expected to see stronger economic growth,... driven by an expansion in fiscal spending and an increase in wages for the middle class which in turn could have a positive effect on the South Korean economy.
An expert said, if Biden wins, it will also end the four years of 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."
Another expert said, although Biden appears to be inching closer to victory, if Trump refuses to concede the race, uncertainty surrounding the election could have a negative impact on the South Korean economy.
"Political uncertainty in the U.S. could negatively affect the business sentiment and momentum of South Korea's economic recovery as the country heavily relies on exports."
The expert also said should Biden win, exports in eco-friendly industries including renewable energy and electric vehicles will benefit, whereas if Trump wins, the tech-heavy sectors will benefit.
Eum Ji-young Arirang News.