Korea 'Would Suffer Most from Economic Rift Between West and China'

      November 30, 2023 13:06

      Korea is likely to suffer severely if China and the OECD adopt a "de-risking" strategy to reduce dependence on each other, experts believe. 
      At a conference hosted by the Korea Institute for International Economic Policy and the International Monetary Fund on Wednesday, Chris Redl, the IMF's Asia-Pacific economist, said that if China and OECD countries reduce mutual dependence, Korea's GDP is could plummet by 10.2 percent over the next 15 years.
      The IMF forecasts this severance would result in a 4.5 percent reduction of global GDP growth over the period, with the impact on individual countries ranging from 3.8 percent to 10.2 percent, and Korea could be the greatest sufferer.
      China's growth rate is expected to fall below 3.5 percent in the medium term now the world's most populous country has shifted its economic strategy to focus more on domestic consumption.  
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