The Likely Effect of COVID-19 on South Korea international Trade & finance Assignment | Online Assignment

FINA 4314:  International Finance

Project Grading Rubric

Class Project Outline and Deadlines

N

Topic: The effects of Covid-19 on the economy of South Korea

1. Intro:
2. Thesis: To which extent did the covid-19 pandemic impacted South Korea’s economy performance and what are the psippile ways to recover the damages .
3. Literature Review
4. This part elaborates and illustrates the system of South Korea’s economy .
5.  A summary of five articles about the probable causes of Covid-19.
6. The causes and effects of previous pandemic (ebola , H1V1 and Asian Flu)

III.             Data collection

1. General information about the economy in South Korea .
2. International Balance of Trade and Balance of Payment Statements of 2018
3. Data analysis
4. Measuring the future effects of Covid-19
5. Ratios and graphs for illustartion

1. Conclusion

Introduction

Covid-19 is a crisis and a huge challenge . Without doubt the virus has impacted some of our habits , routine and of course the economy of our world . After the period of the  Asian financial crisis and global financial crisis , Some countries have learned  how to fight and survive from such financial distress . According to Ulrich Steger the  Director of IMD’s research project on Corporate Sustainability  and the Chair of Environmental Management at IMD “Managers should avoid  blaming the external environment and factors  for their company’s underachievement. After all, there are ideal examples of firms in every  industry,and in the country, outcompeting their peers”.(Ulrich ,2009) . However , some industries and fields can not get over global health pandemic such as Coronaviurs so smoothly  . For instance , According to Airports Council International-North America the “Covid-19 pandemic will lead to at least $13.9 billion loses in the United States airports “.(ACI,2020)  Moreover , The International Air Transport Association (IATA) has pointed out that “  COVID-19 outbreaks will cause a drop by $314 billion in 2020  a 55% decrease compared to 2019” (IATA,2020) . These are some examples to illustrate how a  global pandemic can affect some industries negatively . Furthermore , the purpose of this paper is to evaluate the effect of Covid-19 pandemic on The   economy of South Korea  and to find the ideal strategy for the South Korean government to survive this economic crisis .

Literature Review

After world war II in 1939 , South korea  has announced its independence from e Korean peninsula. In 1990 ,  South Korea was able to recover from the Asian economic crisis , and  tripled their GDP . The country had to reform its economy structure after these crises complitiley . According to the United Nation Industrial Development Organization “ In the past 40 yerase South Korea has shwon a magnificent economic expansion and global interconnectedness to become an advanced  industrialized economy.”(Charles,2018) There are several factors that made the huge economic prosperity of South Korea reachable. The first factor that enhanced the national GDP is the adoption of free trade agreements between many countries such as Turkey,Singapore,US and Chile . Also , South Korea is planning to assign the free trade agreement with Canada, India , EU and Japan . According to the Business Development Bank of Canada “A free trade agreement (FTA) is a settlement between two or more countries to facilitate trade and eliminate trade barriers. It aims at eliminating tariffs completely from day one or over a certain number of years”.(BDC.2002). The second factor is the huge investment South Korea has made in the research and development field . “The Korean government provides inducement  for firms and research and development  centers to bring unique and profitable foreign investment. Other motivations  include human resources , technology support , taxation and financial assistance”(Korean Ministry of Science,2008).

In 2010 South Korea GDP reached 1 trillion USD (Graph.1). Althougt , 2010 was a tough period for Asian countries , South Korea had a great economic expansion which has proved their capabilities and strength in the Asian continent. Furthermore, As we can see in (table.2) The service sector is the main contributor to South Korea’s GDP .

(1)

(2)

Acording

Data has shown that it spreads from person to person among those in close contact (within about 6 feet, or 2 meters). The virus spreads by respiratory droplets released when someone with the virus coughs, sneezes or talks. These droplets can be inhaled or land in the mouth or nose of a person nearby.

https://globaledge.msu.edu/countries/south-korea/economy

(2020). Retrieved 11 June 2002, from https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/glossary/pages/free-trade-agreement-fta.aspx

Arthur, C. (2018). Developing countries can learn from South Korea’s research and development experience | UNIDO. Retrieved 17 June 2020, from https://www.unido.org/news/developing-countries-can-learn-south-koreas-research-and-development-experience

Handelsvertreter / IATA-Agent / Provisionsabrechnung / Agent Billing Analysis / Buchauszug / Ausgleichsanspruch des Handelsvertreters. (2006). Reiserechts Aktuell, 14(4). doi: 10.1515/rra.2006.14.4.173

ReiseRechts aktuell, 2020. Handelsvertreter / IATA-Agent / Provisionsabrechnung / Agent Billing Analysis / Buchauszug / Ausgleichsanspruch des Handelsvertreters. 14(4).

he COVID-19 outbreak will cost U.S. airports at least $13.9 billion in calendar year 2020,

https://search.proquest.com/docview/235116825/fulltextPDF/AFE50260754749A4PQ/1?accountid=35176

Steger, U., & Nedopil, C. (2009). SURVIVING AND PROFITING FROM THE CRISIS MEANS LEADING THROUGH AND LEARNING FROM THE CRISIS. Perspectives for Managers, (176), 1-4. Retrieved from https://search.proquest.com/docview/235116825?accountid=35176

InvestKorea | Why Korea | Innovation | R&D Incentives. Retrieved 21 June 2020, from http://m.investkorea.org/en/innovation/incentive.do