US-South Korea Post-COVID-19 Investment Outlook

Photo of former President Donald Trump in an office
President Donald Trump and the President of South Korea Moon Jae-in deliver remarks after signing the United States-Korea Free Trade Agreement on September 24, 2018

Trade between the United States and its global partners took a significant hit in the 2020 and 2021 fiscal years due to COVID-19. The drop, which has been attributed to the global lockdown that kicked off in March 2020, has affected trade and investment in US-South Korea relations.

The global pandemic wreaked havoc on the national income and constricted both the movement of persons and money as global economies hibernated, shutting down in some cases. According to a UNCTAD report, GDP was projected to and did drop by 4.3 percent in 2020. The report posited that developed economies will be more affected than developing economies at -5.8 percent and -2.1 percent, respectively. “Unlike the global ­financial crisis of 2008/09, developing countries are expected to experience negative growth...

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