Seoul, South Korea – A senior South Korean official affirmed on Sunday that the political and economic crisis in Venezuela is likely to have a limited impact on the South Korean economy. The official explained, in remarks carried by the Korean news agency Yonhap, that the trade relationship between Seoul and Caracas is not large enough to cause a direct shock to the national economy.
He added that South Korea will continue to closely monitor developments, particularly in the energy and mining sectors. However, it does not anticipate significant disruptions to its exports or imports as a result of the current situation in Venezuela. He noted that the South Korean government is working to diversify its energy and raw material sources to mitigate any potential future impact.
These statements come at a time when the Venezuelan economy is under severe pressure due to economic contraction and international sanctions. Major powers are trying to assess the extent to which the crisis will affect global markets. Analysts believe that South Korea, as an advanced industrial economy, possesses sufficient resilience to adapt to any limited external shocks, including those stemming from the instability in Venezuela.
This South Korean assertion is part of a series of international assessments regarding the repercussions of the Venezuelan crisis, which generally indicate that countries with limited dependence on Venezuela will experience a limited impact. This is despite concerns related to oil prices and volatility in global financial markets.
