Potential Samsung Strike Could Cost South Korea's Economy Billions, Central Bank Warns

Deep News05-19

South Korea's central bank indicated on Tuesday that a full-scale strike at Samsung Electronics could reduce the country's annual economic growth rate by 0.5 percentage points.

An official disclosed that the Bank of Korea recently prepared a confidential report on this matter, which has been submitted to the Ministry of Finance.

The central bank's report estimates potential losses from a strike could reach approximately 30 trillion won (around 20 billion U.S. dollars). It further noted that if the company's memory chip production lines were to halt completely, it could take up to three weeks to resume operations.

Previously, the Bank of Korea forecast the South Korean economy would grow by 2% in 2026. Driven by strong growth in semiconductor exports, the country's economy expanded by 1.7% in the first quarter, marking the fastest growth rate in over five years.

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