À̹ÌÁö È®´ë South Korea¡¯s nominal gross domestic product (GDP) ranking will likely rise to ninth this year even as it is set to record its first economic contraction in 22 years.
Korea¡¯s nominal GDP is expected to fall 1.8 percent to $1.54 trillion in 2020, according to a forecast by the Organization for Economic Cooperation and Development (OECD) on Monday.
This would place Korea, which came 12th last year, above Brazil, Canada and Russia. Canada¡¯s economy is projected to contract 7.5 percent this year. Russia¡¯s nominal GDP is predicted to shrink 14.1 percent and Brazil`s to drop 3.9 percent.
The U.S. would maintain its No. 1 title with a nominal GDP of $20.2 trillion, despite a 5.7 percent decline. China will come next with $13.83 trillion, followed by Japan with $4.85 trillion, Germany with $3.56 trillion, India with $2.72 trillion, Britain with $2.45 trillion, France with $2.38 trillion and Italy with $1.73 trillion. The top eight would be unchanged from 2019.
À̹ÌÁö È®´ë Korea¡¯s per capita gross national income (GNI), however, is expected to fall below the $30,000 threshold first achieved in 2018 due to the economic contraction and weaker won.
The latest poll on economists by state think-tank Korea Development Institute forecast a 0.9-percent fall for the Korean economy this year. The Bank of Korea projected the economy to shrink 0.2 percent to 1.8 percent in the worst case scenario.
Asia¡¯s fourth-largest economy contracted 3.3 percent in the second quarter, deepening from a fall of 1.3 percent in the first quarter.
By Kim Hyo-jin
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]