South Korea

More than two months of protests in South Korea against a US beef deal and the policies of the new president have cost Asia’s fourth-largest economy about USD 2.5 billion, a study released on July 8 said. South Koreans have clogged Seoul streets on a near-nightly basis since early May, in protests that have caused a crisis for President Lee Myung-bak and his four-month-old government. The protests have paralyzed transport in the capital and delayed Lee’s plans to introduce reforms such as tax cuts across the economy and mortgage-debt relief for low-income households due to a sharp fall in his support rate. (Reuters)