South Korea’s Finance Minister Hong Nam-ki speaks during a recent meeting. He and other economic experts hail Joe Biden’s victory in a recent U.S. presidential election. Photo courtesy of Finance Minister

Political leaders also welcome Biden administration

South Korea’s financial bureaucrats and economists hail Joe Biden’s victory in the recent U.S. election against incumbent President Donald Trump this month.

Earlier this week, Finance Minister Hong Nam-ki expected that Biden’s triumph will have a positive impact on the South Korean economy.

The rationale of Hong, who is also deputy prime minister, is that the imminent fiscal stimulus of the President-elect will boost global trade, thus benefiting the export-driven Korean economy.

“A majority of observers appear to expect that (Biden’s election) would help the global economy recover thanks to less uncertainty, more fiscal spending, and better trade environments,” he said.

“Their international ripple effect and increased cross-border transactions will positively affect our economy,” he said.

Private experts concurred.

“Biden has iterated its plan to expand global trade. The policy would be beneficial for the Korean economy, which heavily depends on exports,” Prof. Kim Dae-jong at Sejong University said.

Seoul’s political and diplomatic leaders seem to be on the same page with them.

South Korean President Moon Jae-in made a congratulatory phone call this week to reaffirm the two allies’ commitment to collaborating in dealing with the North Korean nuclear issue.

Early this week, South Korea’s Foreign Minister Kang Kyung-wha met with a few Biden aides in Washington.

“President Moon, who hopes to engage North Korea, would want the new Biden administration will ease sanctions on Pyongyang,” Prof. Son Tae-gyu at Dankook University said.

“President Moon and his top lieutenants would put forth great efforts to encourage the Biden administration to do so.”