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S. Korea's economy in 2020 ranks 10th in world despite COVID-19 pandemic Updated: 2021-04-08 13:26:36 KST


South Korea's economy in 2020 ranked tenth in the world,… despite the COVID-19 pandemic.
According to the Ministry of Economy and Finance on Wednesday,… the country last year climbed up two ranks from 2019, surpassing Brazil and Russia.
The top positions were once again held by the United States, China, Japan, and Germany.
South Korea's GDP per capita last year also outpaced Italy for the very first time in 2020,… reaching nearly 31-thousand 5-hundred U.S. dollars.

Citing International Monetary Fund's forecasts for global GDP growth this year,… Finance Minister Hong Nam-ki said South Korea is one of the strongest and fastest recovering countries among the world's largest economies.
Among the G20 members,… the IMF has projected that eight countries, including South Korea, will recover to pre-pandemic GDP levels this year.
Assuming that the country's GDP in 2019 was 100 points,… this year, the country's economy is expected to edge up by two notches to 102.6.

The Finance Minister also added that South Korea showed the least negative economic growth among developed countries amid the pandemic.
The IMF forecasted the world economy to rebound by 6-percent this year,… following last year's negative growth of minus 3.3 percent.
As for South Korea, the economy is expected to grow 3.6 percent this year,… following minus 1 percent growth last year.
Although South Korea's growth forecast is not as high as the global projection,… it indicates that the country's economy posted relatively less negative growth compared to other economies.

Hong also said the Biden administration's massive economic stimulus measures are expected to have a positive ripple effect on South Korea.
With recent improvements in exports, production, and sentiment,… Hong is optimistic the South Korean economy will exceed the levels reached in the fourth quarter of 2019.
Choi Min-jung, Arirang News.
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