Summary
South Korea’s president declared martial law, which was lifted hours later by parliament, causing political instability in the country and impacting the global economy.
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South Korean President Yong-Soo Kyo declared martial law in a televised speech on December 3 and justified the measure as necessary to protect the country from what he called communist forces and anti-state elements. Repealed by Parliament a few hours later, martial law would temporarily suspend civil laws and constitutional rights of South Koreans. A scenario of political instability in the country could impact other nations, including Brazil.
“Assuming relations between South Korea and North Korea remain peaceful, political instability resulting from this attempted martial law could dramatically undermine confidence in the South Korean economy. Furthermore, the suspension of parliamentary activities may delay the approval of essential economic policies for the country, which, as a result, ends up negatively impacting the business environment and economic growth,” he says João Alfredo Lopes Nyegraycoordinator of the Foreign Trade course and of the Global Observatory of the Positivo University.
“Historically, the imposition of martial law in South Korea is associated with periods of repression and periods of social instability. This has already happened in the 1980s and the current declaration could lead to an erosion, I would say, of trust in democratic institutions, which could generate a wave of protests, of social unrest, in short, which notoriously affects the financial markets and the economy in general”.
And it goes further: “South Korea is the world’s tenth largest economy in terms of gross domestic product, the world’s sixth largest economy in terms of parity and purchasing power, and currently the world’s seventh largest exporter. And then, to make a comparison, Brazil is only the twenty-sixth exporter in the world. And products that come from South Korea range from electronic semiconductors to automobiles and petrochemicals, so any fluctuation in the Korean and South Korean economy can effectively impact a number of chains around the world, from automotive chains to food chains of the electronics sectors”.
“South Korea is also part of very broad free trade agreements, such as the Regional Economic Partnership Agreement. It is a leading country in innovation and technology, it is recognized for its ability to innovate, it is always in the top positions of the global innovation index. Their companies are large conglomerates that have revolutionized the automotive sector. For various reasons, their value chains and their companies are fully integrated into global value chains and whatever happens in the country, whatever. interruption of production or any situation that the causes instability can generate bottlenecks in global industries, not only in the automotive and technology sectors, but also in the oil sector,” he concludes.
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Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
