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Biden's election to positively impact S. Korean economy: finance minister

All News 15:04 November 12, 2020

SEOUL, Nov. 12 (Yonhap) -- Joe Biden's victory in last week's U.S. presidential election is expected to positively impact the South Korean economy, as it will help ease economic uncertainty and improve global trade environments, Seoul's finance minister said Thursday.

Finance Minister Hong Nam-ki also said Biden's environment-friendly policies and a trade row between the U.S. and China are likely to serve as downside risks to Asia's fourth-largest economy.

"(Biden's election) is expected to ease global (economic) uncertainty, bolster the fallout of the U.S. fiscal policy and improve trade environments, thus having positive impacts on the global economy," Hong said at a meeting on the government's emergency response for the economy.

Finance Minister Hong Nam-ki presides over a meeting on the government's emergency response for the economy at the government complex building in central Seoul on Nov. 12, 2020. (Yonhap)

The minister said Biden's victory will serve as an "upside" factor that will help the South Korean economy as the U.S. fiscal stimulus is expected to boost global trade.

Hong said Biden's stricter stance on climate change and a possible prolonged trade spat between Washington and Beijing warrant close watch for their impacts on industries.

As for financial markets, the minister said the foreign exchange rate may undergo short-term volatility.

The won rose against the dollar in recent sessions as the U.S. is expected to take an expansionary fiscal policy amid the coronavirus pandemic. The won closed at a 23-month high of 1,110 a dollar Wednesday.

The finance ministry said it plans to set up a pan-governmental task force to seek ways to promote economic cooperation with the incoming U.S. administration.


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