Home SocietyBloomberg: Potential war between Koreas would cost twice as much as Russia's attack on Ukraine
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Bloomberg: Potential war between Koreas would cost twice as much as Russia's attack on Ukraine

by Nazar Bogudan

South Korea's role as a major chipmaker underscores the country's importance to the global economy beyond the size of its GDP.

Bloomberg: Potential War Between Russia Would Cost Twice as Much,> /p> </p> <p>A full-scale conflict on the Korean Peninsula could kill millions of people and cost the global economy $4 trillion in the first year, or 3.9% of GDP.</p> <p>A Bloomberg Economics analysis shows.</p> <p>This is more than twice the damage from Russia's attack on Ukraine.</p> <p>The publication emphasizes that “the chances of an all-out war between North and South Korea are very low, but they are not zero.” </p> <p>“Vladimir Putin’s embrace of Kim Jong Un in Pyongyang last month — the Russian leader’s first visit to North Korea in 24 years — revived a Cold War partnership and created a new defense pact, adding another risk to a world already reeling from the war in Ukraine and China’s threats to Taiwan,” the publication notes.</p> <h3>South Korea’s Role in the Global Economy</h3> <p>When the Korean War began in 1950, the two sides together accounted for 0.4% of global GDP. Today, South Korea alone accounts for more than 1.5%. And even that figure understates its importance to key supply chains.</p> <p>The capital Seoul and its surrounding areas account for 81% of South Korea’s chip production and 34% of its total output. Those goods are shipped through southern ports to customers in China, Japan, Europe and the United States.</p> <p>Subscribe to our Google News </p> <p>Samsung Electronics, one of the world's top 30 companies by market capitalization, produces 41% of DRAM chips and 33% of NAND memory chips. Its products are crucial inputs for companies from Apple to Chinese smartphone maker Xiaomi.</p> <p>If South Korean electronics exports were to stop, it would send shock waves through the global economy. South Korea produces 4% of all electronic components used in factories worldwide and about 40% of all memory chips. In 2022, sectors such as electronics and automobiles, which use semiconductors as an important material, accounted for 30% of Taiwan's GDP, 11% of China's and 8% of Japan's.</p> <ul> <li>Yesterday, it became known that North Korea promised to “completely destroy” its enemies in the event of a war when DPRK leader Kim Jong-un gives the order.</li> <li>The corresponding statement was made during a meeting dedicated to the 71st anniversary of the armistice in the Korean War with Kim's participation.</li> <p> > </ul> <p><!--noindex--></p> <p><a rel=lb.ua

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