Sejong University Professor Kim Dae-jong of the Department of Business Administration: "Trade Expansion Policies Needed for South Korea's Economic Development"

Professor Kim Dae-jong, Department of Business Administration, Sejong University (Provided by Sejong University)

[Asia Economy Reporter Hyunju Lee] Sejong University announced that Professor Kim Dae-jong of the Department of Business Administration presented a paper titled "The Impact of COVID-19 on the Korean Economy" at the Korean Academy of Management Convergence Conference held on the 17th in Songdo, Incheon. This conference was held online. Professor Kim stated, "As of May 2020, Korea's export volume decreased by 24% compared to the same period the previous year due to COVID-19. Compared to May 2018, when there was no US-China trade war, it decreased by as much as 31%. Korea must overcome the crisis by expanding trade through joining RCEP and TPP." He continued, "Due to the US-China trade war in 2019, Korea's exports and current account balance declined," adding, "Since Korea's export growth directly leads to a trade surplus, the government should put more effort into expanding exports." Finally, he emphasized, "If the government implements policies to expand trade, the Korean economy can develop further."

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