Spike in oil prices ‘could boost South Korean economy’

BoK researchers say a rise driven by higher global economic activity might boost domestic growth


A study led by the Bank of Korea suggests that, contrary to conventional belief, a spike in international oil prices might boost the South Korean economy. 

The researchers, Soojin Jo and Myungkyu Shim from Yonesi University, set out to understand why scholars have reached different conclusions about the impact an oil shock might have on South Korea, which imports most of its energy. 

The authors analysed the impact of various oil shocks on the economy between 1990 and 2022. They said that although

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