SEOUL – South Korea’s economy is next year projected to continue to rank as the 10th-largest for three straight years in terms of nominal gross domestic product (GDP), Yonhap news agency reported International Monetary Fund (IMF) data as showing yesterday.
Its nominal GDP is expected to amount to US$1.82 trillion (RM7.64 trillion) and US$1.91 trillion for this year and next year, respectively.
If the projections are realised, it will continue to rank as the 10th-largest economy for three consecutive years since last year.
South Korea saw its economic ranking climb to the 10th in 2018 after staying lower for years. Its ranking had dropped to the 12th in 2019, before returning to the 10th last year.
Asia’s fourth-largest economy has shown signs of a strong rebound from the pandemic amid robust exports and recovering consumption.
IMF predicted that the South Korean economy will grow 4.3% this year and 3.3% next year.
Last week, the Seoul government revised up its growth outlook next year for the country’s economy to 3.1%, adding that exports and private spending will likely gain ground despite heightened economic uncertainty.
The latest projection is higher than the 3% growth forecast made in June. – Bernama, December 27, 2021
