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Street protests against the import of the U.S. beef which continued for more than 100 days since May this year led to social costs of some W3.75 trillion (US$1=W1,159), according to a report published by the Korea Economic Research Institute under the Federation of Korean Industries on Thursday. KERI based its research on protests between May 2, the day of the first candlelight vigil, and Aug. 15, the 100th day of the protest, saying the demonstrations created W1.57 trillion of direct costs and W2.69 trillion of indirect costs.
According to KERI, the direct damage includes W35.6 billion of production loss from the strikes by the Korean Confederation of Trade Unions, which drew participation of 136,000 workers, W84 million in cost of mobilizing police and subsequent damage to human and material resources to quell demonstrations, W904.2 billion in loss to shops near the sites of demonstrations, W31 billion of losses in advertising profits to major newspapers due to threats to advertisers, and W2.7 billion of losses due to night and morning traffic congestions every day.
KERI also analyzed the relationship between economic growth and investment in infrastructure and frequency of street protests between 1990 and 2006, and concluded that social instability created by the street protests led to W1.84 trillion of macroeconomic costs such as decrease in investment and economic growth. The institute said at least two months of delay of various public reforms including privatization of public firms also cost W856.1 billion.
According to the National Police Agency, the number of demonstrators in Seoul last year was 736 cases per 1 million inhabitants, distinctly higher than in Paris and Washington D.C., which had 186 and 207. Seoul¡¯s figure is 12.5 times greater than Tokyo¡¯s, which had 59 cases for every 1 million people.
(englishnews@chosun.com )
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