{"id":20890,"date":"2026-05-18T10:36:10","date_gmt":"2026-05-18T10:36:10","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/20890\/"},"modified":"2026-05-18T10:36:10","modified_gmt":"2026-05-18T10:36:10","slug":"a-bank-of-korea-report-recently-delivered-to-cheong-wa-dae-that-predicted-that-if-the-18-day-general","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/20890\/","title":{"rendered":"A Bank of Korea report recently delivered to Cheong Wa Dae that predicted that if the 18-day general.."},"content":{"rendered":"

\"Yeo \uc0ac\uc9c4 \ud655\ub300 Yeo Myung-koo (left), head of Samsung Electronics’ DS division, and Park Soo-geun, chairman of the Samsung Electronics branch of the labor union, and Park Soo-geun, chairman of the National Labor Relations Commission, are attending the second post-adjustment of Samsung Electronics’ labor union at the Sejong Government Complex on the 18th. Yonhap News Agency
\nA Bank of Korea report recently delivered to Cheong Wa Dae that predicted that if the 18-day general strike announced by Samsung Electronics’ labor union materializes, the economic growth rate will fall by 0.5 percentage points this year in the worst case scenario. Considering that it takes about three weeks for the production line to be restored after the end of the strike, the report estimated that the scale of semiconductor production disruptions will also reach 30 trillion won.<\/p>\n

Based on the Bank of Korea report, Cheong Wa Dae analyzed the ripple effects of the Samsung Electronics strike on the national economy and came up with countermeasures. President Lee Jae Myung hinted at the possibility of exercising emergency coordination rights in the event of a labor-management agreement with Samsung Electronics, saying, “The basic rights of the people (such as the right to collective bargaining and collective action) can be restricted for public welfare to the extent that they do not infringe on the essential contents.”\n<\/p>\n

According to Cheong Wa Dae and economic authorities on the 18th, the Bank of Korea recently delivered an emergency report to Cheong Wa Dae and related authorities predicting the ripple effect of the general strike on the national economy. The move comes after the government asked the Bank of Korea earlier this month to analyze the impact of macroeconomic indicators for each scenario assuming a strike by Samsung Electronics. Earlier, Cheong Wa Dae wrote its own report analyzing the impact of the Samsung Electronics strike on the front and rear industries at the end of last month, which goes one step further and includes the impact on macroeconomic indicators such as economic growth rate, current account and trade balance.\n<\/p>\n

In this analysis, the Bank of Korea reportedly analyzed variables such as \u25b3 shutdown rate by production line \u25b3 front and rear industry-related ring blocking rate \u25b3 global semiconductor unit price fluctuations and export price shock.\n<\/p>\n

“Due to the nature of the semiconductor process, it is highly likely that the entire production line will be stopped even if only one or two production lines are shut down,” an official from the economic authorities said. “The union has no choice but to set a basic scenario pessimistically as it is expected to take a strategy to cut off the key link in the production stage by strike.”\n<\/p>\n

The BOK report, which Cheong Wa Dae received, predicted economic shocks for various scenarios on the premise that Samsung Electronics’ labor-management negotiations would collapse and go on a general strike for 18 days from the 21st to the 7th of next month. Among them, if the operation of the memory semiconductor production line is completely suspended and the worst-case scenario takes about three weeks to recover after a strike, the scale of semiconductor production disruptions is estimated to be about 30 trillion won.\n<\/p>\n

In addition, while domestic and foreign institutions forecast Korea’s economic growth rate at around 2.5 percent this year, as the Bank of Korea warned, a 0.5 percentage point drop in the economic growth rate due to the strike by Samsung Electronics will evaporate value-added worth about 15 trillion won.\n<\/p>\n

President Lee’s suggestion of the possibility of exercising emergency coordination rights in an article posted on X on the same day, saying, “The basic rights of the people are guaranteed under the constitution, but they can be limited for public welfare to the extent that they do not infringe on the essence.” President Lee also said, “Workers should be able to receive fair labor for the provision of labor,” but added, “Shares who invest at risk and loss share their share of corporate profits.”\n<\/p>\n

Politicians also called for a labor-management agreement. Park Sung-hoon, head of the Public Affairs Committee of the National People’s Power, said in a commentary on the day, “We urge a dramatic compromise for co-prosperity, not catastrophe.”\n<\/p>\n

Meanwhile, according to the Korea Exchange, Samsung Electronics closed the day at 281,000 won, up 3.88 percent from the previous trading day. In early trading, it fell 3.14% on concerns over prolonged labor-management conflicts, but closed higher after making up for all the intraday falls. Immediately after the opening, investor sentiment shrank as the union maintained its general strike policy on the 21st ahead of the second post-adjustment of Samsung Electronics’ labor and management. It was around 9:30 a.m. that the tide turned. As President Lee mentioned that “business management rights should be respected as much as labor rights,” the market’s view of Samsung Electronics’ labor-management conflict has also changed. At around 11 a.m., news broke that the court had put the brakes on the strike by Samsung Electronics’ union, helping the stock price rebound. Lee Kyung-min, a researcher at Daishin Securities, said, “Samsung Electronics showed strength due to the influx of low-priced buying despite the uncertainties of the union.”\n<\/p>\n

[Reporter Oh Soo Hyun \/ Reporter Kim Jung Seok]<\/p>\n","protected":false},"excerpt":{"rendered":"\uc0ac\uc9c4 \ud655\ub300 Yeo Myung-koo (left), head of Samsung Electronics’ DS division, and Park Soo-geun, chairman of the Samsung…\n","protected":false},"author":2,"featured_media":20891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[456],"tags":[845,846],"class_list":{"0":"post-20890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bank-of-korea","8":"tag-bank-of-korea","9":"tag-bok"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/20890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=20890"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/20890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/20891"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=20890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=20890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=20890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}