• KITA Held “European Economic Outlook Post-COVID-19
    2020-06-25 hit 1724

    KITA Held European Economic Outlook Post-COVID-19


    - Invited economic experts from the UK, Germany and Sweden innovative technologies such as data and AI will be driving force for recovery -


    The Korea International Trade Association (Chairman: Kim Young-Ju) hosted the “European Economic Outlook after COVID-19 webinar on June 24th in cooperation with the Department for International Trade of the UK, Germany Trade & Invest and Business Sweden.


    This webinar was designed to share the opinions of experts from various countries on the economic and industrial trends that have changed since the outbreak of COVID-19 in the UK, Germany, Sweden and European countries, and companies’ countermeasures.


    Oh Tae-hyun, a researcher at the Korea Institute for International Economic Policy, stated, The decline in household consumption due to shutdown measures has lead deterioration in profitability of companies and layoffs, and this vicious circle which threats the household economy continues, and forecast, Europe's economic growth rate will drop sharply in the second quarter due to difficulties in moving between countries, weakening of the global value chain (GVC), and shrinking production, consumption and labor markets.


    Mike Short, Chief Scientific Adviser at the Department for International Trade of the UK, said, Innovation technology is the major driving force for economic recovery," and added, "The areas such as data visualization, artificial intelligence (AI), Fintech and telemedicine utilizing network security as well as mobile networks will expand.


    Frank Robaschick, director and correspondent Korea of Germany Trade & Invest, said, Germany has also been hit hard in the fields of aviation, hotels, automobiles, construction, etc. However, since the country is implementing a large-scale stimulus package that accounts for 4 percent of GDP, Germany's economic downturn will be lower than the average of the EU, and stressed, EU’s regulations on emission coming into effect next year will be a great opportunity for Electric Vehicle and battery suppliers.


    David Jallow, Trade and Investment Advisor at Business Sweden, said, Unlike other countries, Sweden responded to the epidemic in a way that does not strictly restrict the freedom of its people, but its economic impact was not significantly different from that of other countries, and anticipated, The Swedish economy is showing signs of survival as Swedish companies responded in the survey that the economy and exports are heading for a recovery.


    Cho Bit-na, head of Eurasia Branch of the Korea International Trade Association, said, Europe accounted for 13 percent of Korea’s exports last year, and it is important to figure out each country's trend and stimulus package before developing an export strategies, and added, We will continue to provide up-to-date information to help Korean companies prepare for resumption of economic activities after COVID-19 crisis.


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