South Korea’s economy could grow up to point-four percentage point if Joe Biden is elected as the next U.S. president, Hyundai Research Institute said in a report released on Monday on the impact the U.S. presidential election will have on the South Korean economy.

The institute analyzed possible effects based on Moody's Investors Service’ economic growth forecast for the U.S. in line with the outcome of the U.S. presidential race. 

The institute said a one-percentage-point growth in the U.S. economy will translate into a two-point-one percentage point growth for South Korea’s exports and point-four percentage point growth for South Korea’s economy.  

Based on such standards, South Korea is expected to see an economic growth of between point-one to point-four percentage point and exports rise between point-six and two-point-two percentage points if Biden wins the race.