IMF Projects South Korea to Maintain 10th Largest Economy Globally for 3 Consecutive Years

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The scale of the South Korean economy is expected to rank 10th in the world for the third consecutive year.

According to the International Monetary Fund (IMF)'s World Economic Outlook data on the 26th (local time), South Korea's nominal Gross Domestic Product (GDP) this year is $1.8239 trillion USD (approximately 2,166.8 trillion KRW), ranking 10th among 191 countries worldwide.

Next year, South Korea's GDP is expected to be $1.9077 trillion USD (approximately 2,266.3 trillion KRW), again ranking 10th globally.

If the IMF's forecast holds true, South Korea will maintain its 10th place ranking in the global economy for three consecutive years from last year through next year.

South Korea's GDP ranking remained outside the top 10 since it recorded 10th place in 2005, only reaching 10th place again in 2018. However, it dropped two places to 12th in 2019, before reclaiming 10th place last year.

South Korea's ability to maintain 10th place this year and next is interpreted as a result of continuing solid economic growth despite the shocks caused by the COVID-19 pandemic.

Meanwhile, the IMF's growth rate forecasts for South Korea this year and next are 4.3% and 3.3%, respectively, which are not far behind the global economic growth rate forecasts of 5.9% and 4.9%.

This content was produced with the assistance of AI translation services.