G20 economic impact estimated to top W31 tril.
By Kang Seung-woo
The upcoming G20 summit in Seoul is likely to boost the Korean economy not only by bolstering its exports and job creation but also by improving its international image, the Korea International Trade Association (KITA) said Thursday.
In its latest report, the Institute for International Trade (ITT) at KITA said that the effect of the G20 summit on the Korean economy would surpass 31 trillion won ($27.75 billion).
In addition, it also said that without international cooperation of the G20 nations, there might have been another recession similar to the Great Depression in 1930’s.
The heads of the G20 member nations, including U.S. President Barack Obama, German Chancellor Angela Merkel and French President Nicolas Sarkozy, will come to Seoul for the meeting, scheduled for Nov. 11 and 12, while over 15,000 people are also expected to visit the city. It is the first time for a non-G7 member to chair the global gathering.
“Successfully hosting the G20 summit will not only have an impact on our economy but on all aspects of our society, including political
Oct 7, 2010By Kang Seung-woo
