S. Korea enters list of world's biggest economies in 2020, expected to remain until at least 2026
Updated: 2021-04-22 17:38:23 KST
South Korea entered the list of the world's biggest economies in 2020, and is expected to remain there until at least 2026, which is the furthest ahead that the IMF projects.
This comes as the pandemic has shaken up the rankings, taking a heavy toll on many economies.
According to data compiled by the IMF and CNBC, the U.S., China, Japan and Germany remain the world's top four largest economies, with Brazil being the only country to fall out of the top ten.
The South American country, which currently has the world's third highest COVID-19 caseload and second largest death toll, went from the ninth largest economy in 2019 to the 12th largest in 2020.
The CNBC analysis explained that South Korea has had some success containing the spread despite being one of the earliest countries to report cases.
It also stated that the country's strong semiconductor exports enabled its economy to contract by a modest one percent last year, adding its manufacturing and export sectors remain strong.
The IMF predicts the South Korean economy to grow 3.6 percent this year.
In 2005, Seoul was ranked the world's tenth largest economy, before falling out again in 2017.
It regained its position as the tenth largest economy in 2018, but dropped to 12th the following year.
Kim Hyo-sun, Arirang News.