{ Hyundai Research Institute, Rep. Jung Cheong-rae of the main - TopicsExpress

{ Hyundai Research Institute, Rep. Jung Cheong-rae of the main opposition Democratic Party (DP) claimed that the sanctions have caused 9.4 trillion won ($8.84 billion) in damages to the South Korean economy. Seoul’s losses are four times greater than the 2.4 trillion won in damages estimated for North Korea, he said. According to Jung, South Korea lost 4.59 trillion won in missed trade with the North, with a further 3.44 trillion won in damages coming from limits to expansion imposed on the GIC. Another 1.25 trillion won and 35 billion won in losses were incurred due to the halt in all tourism to the Mount Geumgang resort and Gaeseong city, respectively, with 100 billion won being lost due to South Korean planes being forced to take a more circuitous route around North Korean airspace. The lawmaker added that if all missed economic opportunities are tallied including indirect damages, the figure would sour to 27.2 trillion won. } koreatimes.co.kr/www/news/nation/2013/11/485_145439.html

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