Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Kim Sei-wan, professor of economics at Ewha Womans University.
Professor Kim, good afternoon. Thanks for coming on.
Now that Joe Biden is President of the United States, we're going to start to see his economic policies take shape. Some are already talking about Bidenomics. It's not quite clear yet what that means, but it seems that under his policies we can look forward to an increase in Korea's exports and economic growth. So, professor, tell us what you can about Biden's policies and what you see happening on that front.
It seems we can also expect the Biden administration to keep up the pressure on China. South Korea, for one, depends on China for trade to a great extent about 25 percent. So, Korea will inevitably be affected by the tensions between the U.S. and China. What does Korea need to do in this situation?
Overnight, stocks on Wall Street saw big gains with the inauguration of Joe Biden. All three main indices rising to new highs. What's the story in the global markets?
Korean stocks today getting a boost as well, and coming off of a big rise the day before as well. What's happening in the local market?
Economists at the Bank of Korea have studied the country's trend rate of economic growth that is, its sustainable rate of economic growth. And for the last decade, the 2010s, they've found that it fell to the two-percent range because of declining productivity and investment. Back in the boom years of the 1980s it was around eight percent. Tell us more about that and what you think the prospects are for a recovery.