Research: New Korean War to Lower Global GDP by 1%

Write : 2017-05-19 10:20:23 Update : 2017-05-19 14:58:46

Research: New Korean War to Lower Global GDP by 1%

The Voice of America(VOA) on Friday reported new research by a British think tank that predicted a war on the Korean Peninsula would lower the global output by one percent.
 
The research by Capital Economics was based on a rather simple premise that a new Korean War would halve South Korea’s gross domestic product(GDP), which currently accounts for two percent of the global GDP.
 
By industry, the research said a new war on the peninsula would cause a significant price hike in electronic goods around the world, noting that South Korea is the world’s biggest supplier of liquid crystal displays, the world’s second largest producer of semiconductors and a global powerhouse in the mobile phone market.
 
It said the surge in electronic goods will raise U.S. inflation by one percentage point.
 
Mentioning South Korea’s significant role in global auto and shipbuilding industries, the research said there is also likelihood a new Korean war would disrupt the global supply of cars and ships.
 
The research said the war will have a limited impact on the global oil market given neither of the Koreas are oil producers, but it will boost the demand for safe assets and the price of gold. 

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